Apt.Residential has won the backing of PGGM, which has committed $700m to the rollout of 2500 apartments.
Already a subscriber?Dutch pension fund manager PGGM has committed an initial $700 million to a new build-to-rent platform that aims to develop 2500 apartments across six to eight towers over the next few years – the majority in Sydney.
Mr Carolan said the PGGM Private Real Estate Fund’s commitment to allocating capital to Apt.Residential’s developments included an initial “cash portion” of $700 million.Advertisement It already has a foot in Australia’s burgeoning build-to-rent sector through a partnership struck in 2022 withPGGM is also an investor in real estate funds managed by Charter Hall, Goodman Group and Lendlease.PGGM senior director of private real estate in the Asia Pacific, Ronald Bausch, said Apt.Residential’s focus on delivering sustainable housing at a time when it was “clearly needed” was behind its decision to partner with the platform.
They include former Commonwealth Bank veteran George Confos, former Investa build-to-rent general manager Michael Hogg, former CBRE director Puian Mollaian, and Juey Thanyakittikul and Wei Shi, both of whom previously had roles at student accommodation provider Iglu.
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