Daiwa enters Australia’s build-to-rent market with A$650m deal at Melbourne Quarter
Lendlease and Daiwa House Australia, one of Japan’s largest home builders, have formed a partnership in Australia to deliver a build-to-rent apartment development at Melbourne Quarter.
The partnership with Lendlease marks Daiwa House’s entry into Australia’s build-to-rent market and reflects confidence in Melbourne and the build-to-rent asset class.
The development, located at the southern edge of Melbourne’s CBD at 646-666 Flinders Street, will be the second build-to-rent residences to be delivered by Lendlease in Australia as it continues to expand its international capability locally.
Lendlease will develop, construct and act as the investment manager for the development, which has an end value of circa A$650 million ($440 million). Lendlease will retain a 25 percent interest in the development.
The development is set to offer a high-quality, secure alternative to the traditional apartment rental market with 797 residences in a mix of studio an