Local Residential, funded by Macquarie Asset Management Real Estate, has closed its first venture with a non-Australian pension fund, reported Australia’s Financial Review.
The inaugural managed venture has plans for developments totaling A$650 million ($427 million).
Local: Residential Turnkey Venture I has fully deployed the funds for the development of two Melbourne projects, a 406-unit project in South Melbourne and a 425-unit project in Box Hill.
The closing brings Local’s total completed assets under management to more than A$1.1 billion ($723 million) comprising more than 1,300 apartments, or more than a quarter of its 2026 target.
