Global asset manager Hines has partnered with Ontario Teachers’ Pension Plan to acquire two built-to-rent (BTR) assets in Brisbane totalling 354 units. The deal is said to be valued at A$350 million ($311.8 million).

The first property is an 89-unit building located at 28 Robertson Street in Fortitude Valley that was completed in October 2021. The second property is a 265-unit building located at 13-17 Cordelia Street in South Brisbane. The building is expected to be completed next year.

Hines will provide asset management services for both properties and Arklife, a specialised BTR platform, will continue to act as property manager.

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“With the Australian population expected to see continued growth and consumer preferences in the country moving towards the rental sector, we see strong, long-term potential in the Australian multi-family market,” said Jun Ando, head of Asia Pacific real estate, at Ontario Teachers’ Pension Plan, in an Oct 1 press release.

David Warneford, country head of Australia and New Zealand at Hines, adds: “Hines sees tremendous potential in Australian BTR for both investors and residents. It’s poised to offer stable cash flow and income growth while helping to meet the demand for quality rental housing in the country.”

The transaction was brokered by Stuart McCann, head of capital advisors in Southeast Asia at CBRE, and Andrew Purdon, regional director of living sectors and capital markets at CBRE.