Australia: The GQ Multifamily Build-to-Rent platform has received a $2 billion capital injection from a new investor for a second fund.
GQ is owned by developer GurnerTM and investment manager Qualitas. The second fundraise came after the platform initially secured A$1.2 billion in gross assets under management in the first fund. The identity of the investor was not disclosed.
The new capital has increased the pipeline of the platform to around 3,500 apartments across Sydney, Melbourne and Brisbane.
Qualitas global head of real estate and co-founder Mark Fischer said: “The additional A$2 billion capacity gives GQ the dry powder necessary to capitalise on the interesting deal flow we expect to see during 2023 and beyond as markets recalibrate.”
Fischer is predicting land prices in major Australian cities to “experience a 15 to 20 per cent correction” over the next year.
Tim Gurner, chief executive of GurnerTM, said: “When we first launched the GQ platform in 2021 we set out to lead the sector with some pretty ambitious growth plans.”
The news comes shortly after Blackstone announced its intention to increase its investment in the Australian BTR sector.
