With the ink barely dry on the Managed Investment Trust legislation reforms of last year, institutional investors are making moves in Australia’s build-to-rent sector.

Local has snapped up a prized Southbank site for a $270-million development in one of the first major transactions since the policy changes, which were designed to stimulate institutional investment in rental housing.

Local head of investments Chris Axsentieff said the MIT Legislation “levels the playing field for residential development in Australia, bringing the taxation rate for MITs [Managed Investment Trust] in line with PBSA and commercial assets”.