Pro-invest has teamed up with Japanese construction group Kajima to launch an Australian build-to-rent (BTR) venture, which could eventually manage assets worth up to A$1.5bn (鈧�843m).
The firms have initially committed A$500m, with plans to increase their investment over time and raise additional capital from third parties to co-invest in the BTR platform.
The partnership is planning to develop in inner city and city fringe locations in three capital cities 鈥� Sydney, Melbourne and Adelaide 鈥� and Newcastle, a regional city in NSW.
Ronald Barott, founding partner and chairman of Pro-invest, said: 鈥淲e are excited to announce this joint venture with Kajima, which will bring their construction expertise to our experience in operating world-class hospitality and real estate assets. Population growth, higher rents, and an undersupply mean ground-up build-to-rent has strong tailwinds for the next decade.鈥�
Tatsuru Isano, managing director of Kajima Australia: 鈥淲e see huge opportunities for growth in the BTR sector in Australia and are pleased to work with Pro-invest Group to develop some ground-up projects in key urban centres.
鈥淭hese developments will prioritise sustainability, community, and affordability and will help address the shortfall in supply of quality rentals in the market.鈥�
Established in 2010, Pro-invest has around A$3bn in assets under management, including 32 hotels in Australia and New Zealand. Two years ago, the Pro-invest expanded into the BTR sector.
Founded in 1840, the Tokyo-based listed Kajima has been an active player in the Australian construction market since its acquisition of a majority stake in an Australian company, Icon Development in 2015. In 2023, through Icon Kajima stuck a A$250m logistics partnership with local property company, Elanor Investors.
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