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Australia: Singapore’s Frasers Property has agreed to sell a nearly completed build-to-rent project in Brisbane to a vehicle set up by US investment manager Barings and Australia’s Aware Super superannuation fund for a reported A$285 million (USD 202 million).
Barings and Aware Super are buying the project through the WeAreLiving platform, a deal for the 366-unit Brunswick & Co development near Brisbane’s business district in Fortitude Valley, which they had announced in November.
Analysts indicate a yield of more than 4.5 per cent on the deal.
Located about 20 minutes by train from Brisbane’s city centre, Frasers had begun construction of the 25-storey Brunswick & Co project in May 2022. The project includes a pool, dog park, work spaces, a cinema room, and fitness facilities in its 1,900 square metres (20,500 square feet) of amenities.
Frasers Property will have its earnings announcement in May.
“Build‑to‑rent allows us to invest with a long‑term lens to deliver secure, high‑quality rental homes in locations where Australians want to live, while generating sustainable returns for our members,” said Alex Misev, head of property at Aware Super.
The Brisbane transaction was agreed to within days of WeAreLiving opening a 285-unit development in Melbourne.
With a pipeline of more than 2,000 dwellings in Sydney, Melbourne, Brisbane and Canberra, WeAreLiving will open its 433-unit Queens BTR project in Melbourne in mid-2026, with Brunswick & Co. next in line, according to a market source.
The Melbourne project, a 37-minute train ride from Southern Cross Station in central Preston, offers studios to three-bedroomed townhouses for between A$545 and A$1,390 per week.
Under the WeAreLiving partnership, Aware Super provides the capital, while Barings handles development management and investment strategy.
Seventy-five units are fully furnished, while all residences come with refrigerator, washer/dryer and private balconies or terraces.
Aware Super manages A$210 billion in assets domestically and overseas with 1.2 million members. The fund, which manages A$10 billion in real estate assets, has been investing in the Australian BTR sector for nearly nine years.
Highlights:
- Frasers Property sells Brisbane BTR asset for about A$285m: Frasers Property has agreed to sell the 366-unit Brunswick & Co build-to-rent project in Brisbane to a joint venture backed by Barings and Aware Super
- WeAreLiving platform expands Australian BTR footprint: The acquisition is part of the partners’ WeAreLiving platform, targeting large-scale, institutional rental housing across major Australian cities
- Prime amenity-rich development in Fortitude Valley: The 25-storey project features 1,900 square metres of amenities, including a pool, dog park, cinema, co-working spaces, and fitness facilities
- Attractive investment fundamentals with stable yields: The deal reflects strong investor appetite for BTR, with reported yields above 4.5 per cent, driven by long-term rental demand.
- Growing national pipeline and institutional backing: WeAreLiving has over 2,000 units in development across Sydney, Melbourne, Brisbane, and Canberra
