Lendlease is ramping up its plan for a substantial build-to-rent platform in Australia, sounding the market for third-party equity to invest in what could expand into a 5000-apartment portfolio.
The ASX-listed global property player already has considerable exposure to rental housing in offshore markets. It is scaling up its aspirations in the local market as both demand and investor interest inThe Lendlease platform is initially targeting 2500 BTR apartments, with the aim to grow to 5000 or more over time. Lendlease is in the market to secure a third-party capital partner or partners, a commitment that would deliver as much as $1 billion in equity, according to industry sources.
The first two projects for the platform are expected to come from Lendlease’s urban regeneration pipeline in Melbourne, with likely candidates being residential developments proposed at Melbourne Quarter and Victoria Harbour, sources said.