BUILD-TO-RENT

A COMPELLING
OPPORTUNITY

BY ANDREW CLUGSTON, PARTNER, PITCHER PARTNERS MELBOURNE

Dislocation in real estate markets is providing a compelling
opportunity for developers with the emergence of the
nascent Build-to-Rent sector in Australia.

Economic and macro challenges are creating uncertainty for real estate investors, disrupting the property industry, with a significant reduction in private residential investment over the past two years.

Built-to-Rent (BTR), also commonly referred to as Multifamily in the US, is defined as multi-unit residential developments that are designed and built as long-term rental housing under a single ownership entity. Unlocking this asset class enables the development of a new market in Australia and growth in much needed housing stock of various grades at scale. BTR provides a lower-risk investment opportunity that diversifies investor portfolios and provides income over a longer term.

To date, the Australian tax system provides no great incentive to this style of development, noting developers will not recover GST on construction and do not receive any additional tax incentives unless the product falls into the affordable housing category. There is, however, significant lobbying in the space, with a range of measures to ease cash flow on GST. It remains to be seen whether the government has the appetite to pursue these proposals.

There is currently a pipeline of over 6,000 units at different stages of development under a BTR delivery model. The current downturn in the residential market has contributed to a material increase in interest from global institutional investors who hold significant BTR exposure (namely across North American and European jurisdictions). According to CBRE figures, investor presentations have more than tripled year on year and the number of purpose-built institutional grade BTR projects under delivery has doubled.

Consequently, the advisory industry is gearing up for a wave of activity, with CBRE establishing a dedicated BTR advisory team in-country, providing know-how ranging from commercial and financial structuring to arranging equity and debt financing

建后出租(BTR)
长期租赁住房解决方案

作者: ANDREW CLUGSTON, PARTNER,
PITCHER PARTNERS墨尔本

随着澳大利亚新兴的”建造到出租”行业的出现,房 地产市场为开发商提供了诱人的机会。

经济状况和宏观挑战对房地产投资者带来了不确定性,这在一定程度上扰乱了房地产行业,私人住宅投资大幅下降,程度远超过去两年。

建后出租(BTR)在美国通常也被称为多户住宅,是为长期租 赁而设计建造的单一所有权多单元住宅地产开发项目。
提供这一类别资产投资机会将能够在澳大利亚开发一个新市场,大规模增加各种类别急需的住房存量。BTR为投资者提供了一个风险较低的投资机会,可以分散投资组合,带来长期收益。

迄今为止,澳大利亚的税收制度并未激励这种投资方式的发展,开发商不会获得建筑商品服务退税,也不会获得任何额外的税收激励,除非该产品属于经济适用房类别。然而,该领域目前正在进行大量游说活动,与此同时还提出了一系列措施以缓解商品服务税的现金流压力。政府是否有兴趣推行这些提议还有待观察。目前有超过6,000套处于不同开发阶段的BTR项目。目前住宅投资市场低迷,极大激发了持有大量BTR风险敞口全球机构投资者的兴趣(即在北美和欧洲各管辖区)。CBRE的数据显示,相关投资演示同比增加两倍多,而交付的机构级别BTR项目数量增加了一倍。

因此,咨询行业正在筹划一批活动,CBRE在国内成立了一个专门的BTR咨询团队,传授涵盖从商业和金融结构到规划股权和债务融资的专业知识。