Ontario Teachers' Pension Plan, Toronto, and real estate investment manager Hines completed the acquisition of two build-to-rent assets in Brisbane, according to an Oct. 1 statement.
The firms did not provide the purchase price and how much ownership each investor will have. Hines, which owns and operates $93 billion of assets, will provide asset management services as part of the deal.
Ontario Teachers managed C$255.8 billion ($187 billion) as of June 30.
Both assets have environmental, social and governance features. For instance, 28 Robertson Street at Fortitude Valley, an 89-unit building completed in 2021, uses renewable energy, storm water recycling, high-performance acoustic glazing, and low-energy LEDs.
The other asset, 13-17 Cordelia Street in South Brisbane, is a 265-unit premier asset to be completed by the first quarter of 2025 and aims to a five-star Greenstar rating and a 7.0 Energy Performance Rating under the Nationwide House Energy Rating Scheme.
The acquisition of the assets is part of Ontario Teachers’ residential real estate strategy in Australia, which targets buildings with amenities and access to transportation links, employment hubs, and entertainment centers.
“With the Australian population expected to see continued growth and consumer preferences in the country moving more towards the rental sector, we see strong, long-term potential in the Australian multi-family market. These assets provide us with a strategic entry point into Brisbane,” said Jun Ando, head of Asia-Pacific real estate at Ontario Teachers’ Pension Plan, in the statement.
The pension fund has about C$28 billion in real estate investments.
