Macquarie Asset Management invests in Australia-focused BTR platform

Macquarie Asset Management has plans to invest in Local, a new build-to-rent (BTR) platform designed to create positive change in the Australian housing market, incorporating impact housing and targeting zero carbon emissions.

A real estate joint venture managed by Macquarie Asset Management’s real estate division and comprising Macquarie and major global real estate investors, intends to fund Local projects with an end value in excess of $500 million, including Local’s first build-to-rent asset at Kensington in Melbourne’s inner northwest. The project will comprise 500 apartments and is due for delivery by the end of 2024. Local is actively growing its pipeline in order to scale and cater to demand over the coming years.

“Local’s founders have a deep understanding of the Australian residential market and are taking an innovative approach to developing build-to-rent projects,” said Jelte Bakker, global CIO real estate, Macquarie Asset Management. “Global