Law firm Allens has advised developer Mirvac on the establishment of its $1.8bn Build to Rent fund, including an investment from the Federal Government’s Clean Energy Finance Corporation (CEFC).
Mirvac will retain a 44% interest in the venture with CEFC and other selected investors.
“Mirvac is a pioneer in the Build to Rent sector in Australia, and Allens has been a part of that journey since 2018. This landmark transaction establishes the first Build to Rent fund in this country with both operational assets and a pipeline of development assets. The fund will make an important contribution in helping to address Australia’s housing crisis.”
Tim Chislett, Co-Lead Partner, Mirvac
The venture will comprise Mirvac’s operational Build to Rent assets (LIV Indigo in Sydney and the recently completed LIV Munro in Melbourne), as well as its Build to Rent developments that are in the pipeline.
“The establishment of Mirvac’s Build to Rent fund reflects the increasing levels of investor appetite for Build to Rent as an asset class, fuelled by recent Commonwealth and State Government initiatives to support the sector. It’s been a great privilege for us to work alongside Mirvac on this transaction, which will help shape the future of housing in Australia.”
Penny Nikoloudis, Co-Lead Partner, Allens
The developer’s pipeline of Build to Rent schemes include LIV Anura in Brisbane, and LIV Aston and LIV Albert Fields in Melbourne.
Mirvac will provide investment management, property management, development management and construction services.
