M&G Real Estate has expanded its Asia Living Property strategy with the acquisition of Bowen Crescent, a newly completed build-to-rent development in Melbourne, Australia, for A$158 million ($111 million).
The acquisition brings the strategy’s assets to approximately A$500 million ($352 million) and marks its first investment in Australia’s build-to-rent sector. The portfolio spans multifamily housing, purpose-built student housing, land-lease communities and senior living.
Located near Melbourne’s CBD and major universities, Bowen Crescent comprises 215 professionally managed one-, two- and three-bedroom rental apartments in a 17-story development. Amenities include co-working facilities, a gym, swimming pool, sauna and cold plunge.
The acquisition builds on M&G’s existing develop-to-core partnership with Novus in Australia, combining M&G’s investment expertise with Novus’ development and operating capabilities in purpose-built rental ho
