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Australian affordable build to rent developer, Assemble Communities, today announced that AustralianSuper has invested in the company.
Australia’s largest superannuation fund has purchased a 25 per cent share in the company and will have the opportunity to invest in Assemble Communities’ pipeline of projects.
This investment will enable the developer to grow its ‘rent with the option to buy’ property portfolio, known as the Assemble Model, which addresses housing affordability and access to homeownership.
Strategic investment company, MAKE Ventures, which acquired Assemble Communities in 2014, is co-investing up to $50 million and making available the majority of their project pipeline—in excess of 4,000 dwellings and 120,000 sqm of non-residential programming—to be delivered by Assemble Communities.
Assemble Communities Managing Director, Kris Daff, said this significant investment signals the company’s unwavering commitment to affordable housing options is attractive to institutional capital partners, and Assemble now has the ability to scale to meet market demand for affordable housing and build to rent opportunities.
AustralianSuper’s Head of Property, Bevan Towning, said he expected the investment will provide good long-term returns for members while also addressing a significant social issue.
“AustralianSuper is proud to be investing in an Australian company that is innovating in affordable housing,” Mr Towning said.
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Assemble Communities has a growing pipeline of projects including 393 Macaulay Road, Kensington (currently under construction); and 15 Thompson Street, Kensington (with applications currently open)— both delivered under the Assemble Model. The future pipeline includes an additional site in Melbourne’s inner north, with the developer actively considering future sites.
Assemble Communities also completed 122 Roseneath Street, Clifton Hill in 2018.
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