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Cedar Pacific launches first build-to-rent fund in Australia
Cedar Pacific, an Australian specialty investment manager founded by Pamoja Capital, has launched its first ever build-to-rent apartment fund with a A$500 million ($383 million) fundraising target, according to multiple news sources.
The vehicle will be seeded with two developments — a 39-story tower with 358 new apartments in Auckland, New Zealand, and a 32-story tower with 475 apartments in Brisbane, Australia. An additional nine assets, totaling 3,500 units, are in the fund’s pipeline, including four with development approval.
Cedar Pacific appointed Savills Capital Advisors to manage the fundraise.
Bernie Armstrong, CEO of Cedar Pacific, told the Australia Financial Review he expects the initial raising to fund between 1,500 to 2,000 apartments with an end value of more than A$1 billion ($677 million).
“Affordable and professionally managed housing is key to a growing population, fueled by Millennials, older Gen Zs and the return of hig