SINGAPORE (EDGEPROP) - Global real estate investor M&G Real Estate Asia has acquired a 15,586 sq ft site in New South Wales, Australia for A$33 million ($31.7 million). The site will be used for the development of a 33-storey residential building in partnership with Australian developer and asset manager Novus.

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This is M&G’s second deal with Novus under a A$450 million strategic partnership to develop a portfolio of multi-family properties in Australia that was announced in April. The partnership, which marked M&G’s entry into the Australian multi-family market, was seeded with a 173-unit residential project in Melbourne.

The development site is located in Parramatta city, some 19km west of Sydney’s CBD. The residential building will have a total of 195 units and include an array of commercial, retail, health and wellness amenities. Construction is expected to start in 2H2023.

Richard van den Berg, fund manager and manager of the M&G Asia Property Fund, says the deal is in line with M&G’s strategy to increase its allocation in the multifamily residential sector. “We are delighted to expand on our partnership with Novus to access well-located sites for the development of high-quality residential buildings,” he says.