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AFFORDABLE HOUSING DEVELOPMENT SUMMIT THURSDAY, AUGUST 28, 2025
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ResidentialPhil BartschThu 10 Feb 22

Global Big-Hitters Back New Build-to-Rent Platform

GreenFort Capital is seeding the new build-to-rent platform with a 30-level, 364 apartment development on a site at 2 Cordelia Street, South Brisbane.

A Queensland-based investment manager behind one of the biggest new plays in Australia’s burgeoning build-to-rent sector is counting on some home-ground advantage to kickstart its platform.

In a powerhouse joint venture, GreenFort Capital has teamed with Canadian property management giant BentallGreenOak and Swiss-based private equity firm Partners Group.

With the backing of the two global heavy-hitters, GreenFort—headquartered in the Brisbane CBD’s Golden Triangle financial district—will develop the new build-to-rent platform targeting the Sydney, Melbourne and Brisbane markets.

The portfolio is to be seeded by a 30-level, 364 apartment development on a site at 2 Cordelia Street, South Brisbane, which was secured by the venture earlier this month.

The acquisition represents BentallGreenOak’s first investment in Australia.

The co-investment coup adds to the deepening pool of build-to-rent platforms looking to capitalise on Australia’s evolution in tenant demand driven by an increasing lack of housing affordability.

Last month, Alt Living—a platform backed by Melbourne-based developer Landream—was launched with a target to raise $200 million in capital to break ground on two build-to-rent projects in the Victorian capital.

Another newly-established build-to-rent platform, Local, funded by Macquarie Asset Management, has a $500-million war chest for future projects.

▲ GreenFort Capital is seeding the new build-to-rent platform with a 30-level, 364 apartment development on a site at 2 Cordelia Street, South Brisbane.


GreenFort’s strategy is to acquire and develop a pipeline of build-to-rent residential projects—initially scaling up to between 1200 and 1500 apartments along the east coast.

The assets will be managed by specialist operating business Canvas, established by GreenFort partners Adam Vaggelas and Nick Singleton.

Vaggelas said Australia’s low housing vacancy rates, limited new apartment supply and lack of institutional-grade residential stock presented a significant opportunity.

“Australia has one of the highest rates of urbanisation and population growth, and one of the lowest residential vacancy rates in the developed world,” he said.

“These trends, together with increasing housing affordability constraints, present a compelling opportunity to deliver quality and professionally managed apartment stock to urban locations.”

Combined, BentallGreenOak and Partners Group have almost $280 billion in assets under management globally.

ResidentialInternationalAustraliaSector
AUTHOR
Phil Bartsch
The Urban Developer - Writer
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Article originally posted at: https://www.theurbandeveloper.com/articles/global-big-hitters-build-to-rent-platform