HopgoodGanim Lawyers is pleased to have advised our clients, ADCO Constructions, a leading Australian construction and building company, and Arklife, ADCO’s co-owned platform that builds and develops build-to-rent projects, on the successful sale of two build-to-rent projects in Brisbane. The transaction, valued at $350 million, involved the sale of two large-scale residential towers located in Fortitude Valley and South Brisbane.
The properties were acquired by Ontario Teachers’ Pension Plan Board together with their investment manager, Hines, a global real estate investment firm, marking a significant international investment in Australia’s build-to-rent sector.
The two projects, 28 Robertson Street in Fortitude Valley and 13-17 Cordelia Street in South Brisbane, have been designed to cater to the growing demand for high-quality rental housing, offering residents premium amenities and proximity to the city's commercial and cultural hubs. The Fortitude Valley property has been operational since 2021 and the South Brisbane property is currently being constructed with completion expected by the end of Q1 2024.
The HopgoodGanim team, led by Partner Justin McInally with support from Partners Nicole Radice and Kim Hinton, together with our Intellectual Property, Technology and Cyber Security, Taxation and Construction teams, provided advice on all aspects of the transaction, from initial site acquisition, structuring, financing and the ultimate sale of both projects.
The team’s expertise in complex property transactions, coupled with a deep understanding of the real estate and development sector, was critical to the smooth and successful execution of the deal.
"We are delighted to have supported ADCO on this major transaction, which further highlights the growing importance of the build-to-rent market in Australia," said Justin McInally. "This deal showcases the continued confidence that global investors have in Australia’s residential sector, particularly in cities like Brisbane that are experiencing robust growth and demand for high-quality rental properties."
This transaction is one of several recent deals in which our firm has played a pivotal role, further cementing the firm’s reputation as a leader in the real estate and development sector.