In late 2022, AXA IM Alts, a global leader in alternative investments with c. A$285bn (c. €184bn) of assets under management, established a long-term strategic partnership with community housing organisation St George Community Housing (SGCH), supplemented by funding from the National Housing Finance and Investment Corporation (NHFIC), as part of a total umbrella commitment of A$300m from NHFIC.
“This is a ground-breaking agreement that clearly demonstrates how NHFIC can partner with the community housing sector and institutional investors to find innovative new ways to deliver much-needed affordable housing.”
Nathan Dal Bon, CEO, NHFIC
The strategic partnership will deliver affordable Build to Rent homes in Australia. The funding aims to support the delivery of multiple projects, including its first landmark project at Westmead in Western Sydney, through a partnership with SGCH. The scheme will include c.350 homes – a mix of affordable and market Build to Rent housing.
“Our commitment to the Westmead project, along with our strategic partnership with SGCH and NHFIC, will allow us to bring forward much-needed supply of high-quality, sustainable and affordable new homes, while aligning with our broader ambition of investing with purpose to help improve society and quality of life. This transaction and the launch of AXA IM Alts Australia’s Build to Rent strategy allows us to extend our global residential conviction and leverage our track record in the sector to meet the long-term investment requirements of our investors.
“Westmead is an area with one of the highest concentrations of key workers nationally and is set to benefit from the expansion of the surrounding health and innovation precinct over the coming decade. We recognise the need for quality key worker housing in major employment hubs across Sydney, and our first project in Westmead will offer a solution to these workers who are essential in supporting the needs of the community.”
Antoine Mesnage, Head of Australia, AXA IM Alts
The Westmead project will be managed by SGCH and delivered by NSW developer and builder Deicorp. Located adjacent to the new Westmead Health and Innovation Precinct, one of the largest health, education, research and training precincts in Australia, the scheme is intended to increase access to affordable housing for key workers in Western Sydney.
Expected to complete in 2025, the Westmead scheme is targeting a 5-star Green Star rating, equivalent to the international BREEAM Excellent rating, and to be operationally net zero.
“We are excited to be bringing together institutional capital with capability of major partners and the support of NHFIC to increase the supply of affordable and sustainable housing through regulated not for profit community housing. Thriving communities and vibrant economies depend on a diversity of people being able to live, learn, work and play to create great places.
“AXA IM Alts has a global track record investing in affordable housing – with over A$35bn invested in the residential sector globally – and this has followed through into their commitment to partner at scale in Australia. We thank NHFIC for their catalytic role in mobilising this institutional investment that will create more affordable homes for rent.”
Scott Langford, Group CEO, SGCH
