- Sentinel and PGGM have partnered to deliver more than $1.5B in Build to Rent communities
- Firms have a long-standing relationship in the US, now expanding to the Australian market
- Sentinel has more than 1,300 BTR units under development and recently delivered Element 27 in Subiaco
Sentinel Fund Manager Australia and PGGM have announced the formation of a partnership to develop and manage up to $1.5 billion in Build to Rent communities.
Sentinel, the Australian branch of the American real estate developer of the same name, will team up with the Dutch pension fund manager with the objective of delivering 2,500 Build to Rent units across Australia.
PGGM’s first investment tranche opens up a pipeline of over $700 million toward initial developments, with two project sites already confirmed
Sentinel will support the venture by providing investment management, development management, and property management services.
Sentinel has upheld a long-standing relationship with PGGM in the United States.
President of the Sentinel Real Estate Corporation Michael Streicker said the firm is proud to expand the partnership internationally and that PGGM’s commitment displays confidence in Australia’s Build to Rent market.
“We’re committed to continuing to deliver high quality, sustainable and community-focused living that enhances the housing choices available to Australians.”
Michael Streicker, Sentinel Real Estate Corporation
“This is particularly important at a time where changes in the housing market and supply levels are front of mind for so many,” he said.
Jikke de Wit, Senior Director Private Real Estate of PGGM said the pension fund manager is confident Sentinel’s expertise can assist the firm in delivering new high-quality, low-carbon apartment buildings.
“Although the sector is still relatively small, we believe that it will grow over time and become an important part of the Australian housing market.
“The sustainability of this investment contributes to our client PFZW’s long-term ambition to align their real estate investments with the Paris Climate Agreement,” said Ms de Wit.
Sentinel, who has over 50 years of global experience, has been working towards establishing an Australian Build to Rent sector for the past decade.
The firm delivered Australia’s first ever purpose-built institutional Build to Rent community in 2019 called Element 27.
The project, located in the Western Australian suburb of Subiaco, became Australia’s first apartment building to be Carbon Neutral Certified under the Climate Active Carbon Neutral Standard for Buildings in 2021.
Sentinel currently has more than 1,300 Build to Rent units under development across Australia.
