M&G to develop multi-family asset in New South Wales with Novus

By Atiqah Mokhtar / EdgeProp Singapore | June 15, 2022 12:13 PM SGT
M&G Real Estate Asia has acquired a 15,586 sq ft site in New South Wales, Australia for A$33 million to build the asset (Photo: Jamie Davies/Unsplash)
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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.
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.
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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.
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