CBRE appoints Andrew Purdon to a newly created Pacific role as Regional Director – Living Sectors, Capital Markets, to drive the firm’s service offering in the Build to Rent, purpose-built student accommodation (PBSA) and co-living sectors.
Andrew has worked in senior roles in CBRE’s UK Development and Residential Capital Markets team for over ten years and was most recently the UK Head of Co-Living Transactions. In his new Pacific role, Andrew will be based in the Sydney office and will build a Pacific Capital Markets team. The team will provide development and investment advice to landowners, developers and investors at all stages of the project lifecycle.
This builds on CBRE’s platform and Living Sectors’ expertise across a range of business lines, including Debt & Structured Finance, Valuation & Advisory Services, Research and Structured Transaction & Advisory Services.
“Andrew’s skills and experience will provide our Australian and New Zealand businesses with a real point of differentiation as we grow our platform to support our clients targeting alternative investment opportunities. Build to Rent will be a particular focus area, with this emerging sector gathering momentum in Australia and New Zealand, as ownership affordability pressures grow and many rental markets lean towards a residential undersupply.”
Mark Coster, Pacific Head of Capital Markets, CBRE
Andrew noted that Living Sectors has been a major growth area for CBRE’s UK business over the past ten years. The underlying drivers of the rental markets in Australia and New Zealand were very similar, with population growth, lifestyle preferences of the under 40’s and the affordability constraints of home ownership, creating a deeper pool of renters every year and an investment rationale for developing purpose-designed and professionally managed rental accommodation to meet demand.
“I’ve been tracking the Pacific Build to Rent market for several years and have been struck by the similarities with the early stages of growth for this sector in the UK. The key renting cohort of 20 to 39-year-olds is forecast to increase in Australia by approximately 1.4 million to total 8.7 million by 2040, and this demographic will largely aspire to live within the largest cities – close to jobs – to experience a connected, urban lifestyle.
“Institutional investment in the residential sector has grown substantially across Europe and the US – and represented approximately 30% and 44% of total investment volumes respectively in 2021.
“The growth potential in Australia and New Zealand is huge, which is why the opportunity to relocate from the UK and lead CBRE’s Living Sectors – Capital Markets business in the Pacific is so exciting.”
Andrew Purdon Pacific Regional Director – Living Sectors, Capital Markets, CBRE
