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Sign in Sign up for a FREE subscriptionM&G enters Australia’s multifamily market after agreeing $337m partnership with Novus
M&G Real Estate, part of M&G plc’s £72 billion ($94.4 billion) private assets and alternatives division, has made its first foray into Australia’s multifamily market (also known as build-to-rent) via a develop-to-core partnership with Novus, a developer, owner and operator of multifamily assets.
On behalf of its Asia Property Fund, M&G will commit A$450 million ($337 million) , which represents a 95 percent stake in the partnership, to develop a portfolio of multifamily properties in some of Australia’s key cities, with a focus on Melbourne and Sydney.
M&G’s investment will provide capital for the Novus Build-to-Rent Trust (NBT) seeded with the 173-home residential scheme located in Melbourne’s Arts Precinct, Novus on Sturt. The project is targeting a 7-star NatHERS rating, will be an all-electric building, powered by renewable generated green power, and will exceed National Construction Code energy efficiency requirements. Environmental feat
