This article is from the Australian Property Journal archive
FORMER Mirvac executives have teamed up with developer and investment manager Aliro Group to launch a new build-to-rent (BTR) platform targeting a $1 billion pipeline in Australia’s fledgling market.
The new platform, Novus, is seeking to raise $600 million and already secured its first project in Melbourne – 153 Sturt St Southbank.
Former Mirvac executives Adam Hirst and Jason Goldsworthy respectively held the roles general manager, build-to-rent and national manager. The diversified developer that has played a leading role in establishing the institutional sector’s presence in the build-to-rent market.
Real estate developer, owner and operator Aliro Group has $3 billion of assets under management and was founded by Charter Hall co-founder, David Southon, and ex Orica global head of property, Daniel Wise in 2017. The establishment of Novus marks Aliro’s entry into the build-to-rent space.
“The establishment of Novus is an exciting step as we pursue the significant opportunity that is the BTR sector in Australia. The significant track record of Aliro’s founders combined with our shared vision and values place Novus in a strong position for growth,” Hirst said.
David Southon, co-founder and executive chairman of Aliro, said the establishment of Novus is strategic to Aliro’s continued focus on accessing opportunities and creating value through development and investment in the Australian property market.
“While we continue to grow our presence and scale in the industrial logistics sector in Australia, we are excited about the outlook for BTR, which represents a significant opportunity to establish and grow a market leading platform in this rapidly emerging investment grade sector in Australia.” Southon said.
Major projects in the sector currently include Mirvac’s Newstead development as part of a Queensland government pilot project, while it has gained approval for a $1 billion development in Melbourne that will include a 32-storey build-to-rent tower, and is moving forward with a northern suburbs project in partnership with Milieu.
Global player Greystar Real Estate Partners has raised $1.3 billion to invest in Australia’s fledgling sector with a focus on Sydney and Melbourne, while Sydney’s first CBD build-to-rent development has been given the green light, with Oxford Properties Group and local partner Investa to deliver a 39 storey building above the entrance of the Pitt Street Metro train station.
Oxford’s build-to-rent pipeline in Australia currently includes approximately 1,000 units, following the acquisition of a Melbourne site in the western suburb of Footscray for a $450 million project.
