Australian pension fund enters UK build-to-rent market

Australian pension fund enters UK build-to-rent market

Australian superannuation fund Aware Super has entered the UK build-to-rent (BTR) market with the acquisition of Qatari Diar’s 22% stake in developer Get Living.

Subject to final contract completion, Aware Super will join existing investors APG and DOOR (a residential investment vehicle comprising investment from Delancey client funds, Oxford Properties, Alecta, Allianz and LPPI) which each control a 39% stake.

Now, Get Living’s circa £3bn portfolio spans 4,000 operational homes across three neighbourhoods in East Village and Elephant Central in London, and New Maker Yards in Manchester, alongside 6,500 homes in the secured development pipeline.

Research from Savills and the British Property Federation, supported by Get Living, estimates that the number of Build to Rent homes could more than quadruple to 380,000 by 2032, with the sector estimated to be worth £170 billion, as BTR becomes an integral part of UK housing delivery and economic growth.

Aware Super Senior Portfolio Manager – Property Alek Misev: As Australia’s leading investor in the Build to Rent and affordable housing market, Aware Super is excited to partner with Get Living, a market-leading and award-winning BTR platform with a 5 Star GRESB rating for its existing assets. Together, we can build a solid foundation to ensure the UK’s BTR housing market meets the growing demand.

“Most importantly, this investment will also offer our 1.1 million members strong, risk-adjusted returns and diversification benefits in a key-strategic region for Aware Super, within a sector that has shown strong resilience during economic downturns, and attractive long-term macroeconomic and demographic fundamentals.”

Tariq Al Abdulla, Chief Development & Project Delivery Officer (Europe & America), Qatari Diar: “After purchasing the former Athletes’ Village after the 2012 Olympic and Paralympic Games, Qatari Diar established East Village and the Get Living Platform in 2013 in partnership with Delancey Client Funds. Over the ten years we have been proud to be a founding partner of the Business, always committed to its growing success and its pre-eminence within the Build to Rent sector.

“We are very confident that Aware Super are well-positioned to seamlessly continue the success of Get Living and help drive its ambitious vision. We look forward to seeing the business evolve further with Aware Super as an investor.”

Rick De Blaby, CEO of Get Living commented: “Firstly, I would like to thank Qatari Diar for their vision and their invaluable support and commitment to Get Living. Over the last ten years they have played a pivotal role in the success of the company, from the early days of launching Get Living in East Village to where we are today: a leading BTR business with not only a robust pipeline and business model, but with a resilient platform, a talented team and a compelling resident proposition, founded on a profound insight into what people want and aspire to have from their home, their amenity and their neighbourhood.

“In Aware Super, we are extremely privileged to have a long-term, purpose-driven and mature investor, and I look forward to working closely with their team, as they join our other valued investors in APG and DOOR. Aware Super’s backing of Get Living is a huge vote of confidence in our business, which gives us real firepower to drive ambitious growth plans, in service to all our investors.“

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