The increased growth of renter households in the US has encouraged leading property company Lendlease to enter the build-to-rent segment in partnership with Australian superannuation fund First State Super.
The partnership involves a US$1 billion equity commitment, with each partner investing $US500 million.
The entry into the US residential for rent market is part of Lendlease’s expansion plans. The American build-to-rent sector is experiencing tremendous growth with many householders choosing to be renters.
Lendlease has registered a strong financial performance this year, driven by their development and investment segments.
The company has a solid development pipeline of $71.1 billion and construction backlog revenue of $21.1 billion, with projects across build-to-rent, office, retirement and telecommunications infrastructure sectors.