Billions being committed to BTR
I have placed numerous Press Articles on BTR on my website here.
Canada’s Oxford Properties has struck its first Build to Rent deal in Melbourne, acquiring a 7,000 sqm development site in Footscray.
The acquisition, and impending plans for a Build to Rent A$450 million, 700 apartment project on the site, will act as an entry point for Oxford—the property arm of giant Canadian pension fund OMERS, into Melbourne’s Build to Rent sector.
Oxford, which will partner with Investa on the project, has a strong track record delivering Build to Rent precincts in the UK and North America.
The Canadians are currently developing the first Build to Rent site in Sydney’s CBD, with Investa providing investment and development management services on that project.
The 39-level Pitt Street South development, being built over the Pitt Street Metro station, will comprise 230 units when completed in 2023.
Together the two projects will assemble a portfolio of 1,000 Build to Rent units for Oxford which has made rapid strides in the local market since its dramatic AU$3.4 billion takeover of a listed Investa-run fund in late 2018.
Vellum Funds Management and Urban Property Group launched The Places Build to Rent Fund, inviting investors to participate in a AU$132 million capital raising that attracted AU$66 million in pre-commitments.
The fund will focus on development in Sydney and allows sophisticated and institutional investors to participate in the Build-to-Rent sector.