Key Takeaways
- • M&G Real Estate acquired Bowen Crescent, a newly completed build-to-rent development in Melbourne, for $158m, per Fund Selector Asia.
- • The purchase lifts the assets of its "Asia Living Property" strategy to around $500m and marks the strategy's first investment in Australia's build-to-rent sector.
- • Bowen Crescent comprises 215 professionally managed one-, two- and three-bedroom rental apartments across a 17-storey building near Melbourne's CBD and university precincts.
- • The deal builds on M&G's existing develop-to-core partnership with Novus in Australia, combining M&G's investment capabilities with Novus' development and operating expertise.
- • Jing Dong (JD) Lai, CEO and CIO of M&G Real Estate Asia, cited population growth, urbanisation and demographic trends as drivers of demand for professionally managed rental housing.
Summary
M&G Real Estate has expanded its "Asia Living Property" strategy with the acquisition of Bowen Crescent, a newly completed build-to-rent development in Melbourne, for $158m, according to Fund Selector Asia. The transaction takes the strategy's assets to approximately $500m and represents its first investment in Australia's build-to-rent sector, broadening its exposure to residential opportunities across Asia Pacific.
According to a statement by the firm, the strategy's portfolio now spans multi-family housing, purpose-built student accommodation, land lease communities and senior living. M&G Real Estate is part of M&G Investments' Private Markets business, which manages $110bn.
Bowen Crescent is located close to Melbourne's central business district and major university precincts. The 17-storey development comprises 215 professionally managed one-, two- and three-bedroom rental apartments.
The acquisition builds on M&G's existing develop-to-core partnership with Novus in Australia. The arrangement combines M&G's investment expertise with Novus' development and operating capabilities to access purpose-built rental housing in one of the country's most established residential rental markets.
Jing Dong (JD) Lai, chief executive officer and chief investment officer of M&G Real Estate Asia, said the living sector is "one of the most compelling long-term investment opportunities across Asia Pacific," underpinned by population growth, urbanisation and changing lifestyle preferences. Lai added that Australia stands out as a market where demand for professionally managed rental housing continues to grow, supported by strong demographic trends.
According to a statement by the firm, the strategy's portfolio now spans multi-family housing, purpose-built student accommodation, land lease communities and senior living. M&G Real Estate is part of M&G Investments' Private Markets business, which manages $110bn.
Bowen Crescent is located close to Melbourne's central business district and major university precincts. The 17-storey development comprises 215 professionally managed one-, two- and three-bedroom rental apartments.
The acquisition builds on M&G's existing develop-to-core partnership with Novus in Australia. The arrangement combines M&G's investment expertise with Novus' development and operating capabilities to access purpose-built rental housing in one of the country's most established residential rental markets.
Jing Dong (JD) Lai, chief executive officer and chief investment officer of M&G Real Estate Asia, said the living sector is "one of the most compelling long-term investment opportunities across Asia Pacific," underpinned by population growth, urbanisation and changing lifestyle preferences. Lai added that Australia stands out as a market where demand for professionally managed rental housing continues to grow, supported by strong demographic trends.
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