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Ashurst has advised Mirvac on the establishment and seed fundraising of the Australian Build-to-Rent Club (ABTRC), offering investors an opportunity to invest in purpose built, Australian build-to-rent assets.
Firms: Ashurst (Mirvac); Herbert Smith Freehills (CEFC)
Value: Undisclosed
Area: Corporate investment; construction
Key players: Ashurst’s Anton Harris was the corporate partner heading up the deal. He was assisted by Lisa Simmons and Barbara Phair.
Deal significance: Mirvac Group is a leading Australian property group that owns and manages assets across the office, retail and industrial sectors. Mirvac has announced the launch of the ABTRC, with the Clean Energy Finance Corporation a key investor. Mirvac’s associated entities will act as development manager, investment manager and property manager.
Ashurst has advised Mirvac on the establishment and seed fundraising of the club, which will give investors and opportunity to invest in purpose-built, build-to-rent assets. Corrs acted as Mirvac’s legal adviser on construction matters.
The ABTRC’s seed asset will be Sydney Olympic park’s Indigo at Mirvac’s Pavilions project, which is expected to be completed by 2021.
Mirvac’s CEO and managing director Susan Lloyd-Hurwitz said renting has become a lifestyle choice for a wide group of people wanting to be close to work, lifestyle services and amenity, “we believe build-to-rent can provide renters with better choice, better quality and better security of tenure.”
“Build-to-rent makes good business sense for Mirvac, by providing us with a new asset class and a secure revenue stream, as well as presenting us with a new and growing customer base. We are excited to drive the establishment of the build-to-rent sector in Australia, for which we see enormous potential over time.”
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Grace Ormsby
