(MELBOURNE, AUSTRALIA) – Hines, the international real estate firm, today announced its entrance into the nascent Australian Built-to-Rent (BTR) sector with the securing of 10 Ballarat Street, Brunswick, Melbourne (10 Ballarat) where it plans to develop a 250-unit BTR apartment complex.
10 Ballarat will provide its future residents all the benefits of proximity and access to transport connectivity, retail and entertainment amenities while living in a lower scale, greener and more residential pocket of Melbourne. This project will place a strong emphasis on the importance of creating living spaces that are committed to sustainability and ESG efforts.
“We are very excited to announce our first BTR project in Australia,” said David Warneford, senior managing director and country head of Australia at Hines. “Hines has deep global expertise in residential and BTR development, operations and investment management, with substantial platforms in the US and Europe. That coupled with the local track record and expertise that Sam Bisla, our new Head of Living brings to the table, is a powerful combination.”
This project represents Bisla’s first acquisition since joining Hines as the new Head of Living in June. Tasked with leading the establishment of the BTR platform, this marks an important step toward positioning Hines as a leader in BTR projects within the region.
“I am very excited to execute on my first project here at Hines,” commented Bisla. “Hines is a true vertically integrated global BTR player and bringing this global IP to bear has allowed for a deeper insight into the 10 Ballarat acquisition, as well as its design, construction and operations.”
“Hines, along with the world’s largest institutions, has seen the long-term defensive nature of the asset class during a turbulent time,” Bisla continued. “We see an investment window in Australia and are strategically building our pipeline and are expecting to scale up the Hines Australian BTR portfolio in the short term.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.