The deal sees AustralianSuper – the nation’s largest superannuation fund – take a 25 per cent stake in affordable housing developer Assemble Communities, joining investment firm MAKE on the board with two positions each. As reported in The Urban Developer, the investment will boost Assemble’s current build-to-rent pipeline and its build-to-rent-to-buy-platform. Under this model, occupants can purchase property for a fixed purchase price after renting for five years.
The ABL team was led by Partner Ben Mahoney and included Senior Associates Stephanie Campbell and Dorian Henneron and Lawyer Gen Pope.
Partner Ben Mahoney commended MAKE in concluding this important joint venture, which he said will make a crucial contribution to the build-to-rent market in Australia.
Senior Associate Dorian Henneron further commented on the transaction: “AustralianSuper’s investment into Assemble Communities demonstrates strong confidence in the Assemble team’s ability to grow and deliver the innovative build-to-rent-to-own model. We are delighted to have assisted MAKE on this milestone transaction.”
Kris Daff, Managing Director of MAKE and Assemble Communities, told the AFR that the joint venture deal was years in the making and will allow the developer to build out some of the portfolio of projects already in the wings and look at future opportunities for new projects.
AustralianSuper Head of Property, Bevan Towning, told the AFR that Assemble’s “build-to-rent-to-sell” model provided AustralianSuper “with the best blend of characteristics in terms of risk-adjusted returns” for its members.
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Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, family businesses, high-net-worth individuals and international corporations. The firm also has a dedicated pro bono practice providing advice on social, environmental and cultural issues to more than 150 charitable and not-for-profit organisations.
