Hines Interests, Cadillac Fairview to invest $965 mln in Aussie build-to-rent sites

Mirvac

02/11/2022 05:00

Nov 2 (Reuters) - North America-based real estate
developers Hines Interests L.P. and Cadillac Fairview will
jointly buy and develop up to A$1.50 billion ($965 million) of
assets in the Australian build-to-rent (BTR) sector, the
companies said on Wednesday.
    The investment will be the first by Canada-based Cadillac
Fairview, the real estate arm of Ontario Teachers' Pension Plan,
in the country and the region, where U.S.-based Hines Interests
is strengthening its presence as investor interest picks up.
    Australia's BTR sector has shown potential for growth as
demand rises for central locations close to public transport and
offices, with big regional players like Mirvac Group  MGR.AX 
and Macquarie Group  MQG.AX  among early entrants.
    Hines Interests and Cadillac Fairview will own, develop and
operate BTR assets across Australia, starting with the three
sites Hines already owns in Melbourne and Brisbane, the firms
said.
    "Both Hines and Cadillac Fairview recognise Australian BTR
as one of the most exciting growth opportunities in Asia," said
Chiang Ling Ng, chief investment officer for Asia at Hines.
 
 ($1 = A$1.5545)
 (Reporting by Archishma Iyer in Bengaluru; Editing by Savio
D'Souza)
 ((Archishma.Iyer@thomsonreuters.com;))