Sentinel and PGGM partner on $1b Australian BTR venture

Sentinel Fund Manager Australia, the Australian arm of U.S. real estate investment and development firm Sentinel Real Estate Corp., and Dutch pension fund manager PGGM have formed a new partnership to develop and manage up to A$1.5 billion ($1.04 billion) in build-to-rent (BTR) communities throughout Australia.

PGGM’s first investment tranche opens up a pipeline of more than A$700 million ($488 million) in initial development potential for the venture. The partnership aims to develop a national portfolio of approximately 2,500 BTR units, with the first two sites for development already confirmed. Sentinel, through its vertically integrated platform, will provide investment management, development management and property management services to the partnership.

The partnership will leverage Sentinel’s 50 years of global multifamily experience and its decade-long endeavor to establish an Australian BTR sector. In 2019, Sentinel delivered Element 27, Australia’s f