Aware Super has purchased a 22 per cent stake in Get Living, a UK-based developer and operator of large-scale build-to-rent (BTR) neighborhoods, a move that the fund said has further diversified its global living strategy while expanding its overseas investment footprint.
Get Living currently manages a £3 billion ($5.5 billion) portfolio of 4,000 operational homes, alongside a secured development pipeline of a further 6,500 homes.
Having purchased the stake from real estate investment company Qatari Diar, Aware Super joins existing investors APG and DOOR — a residential investment vehicle comprising investment from Delancey client funds Oxford Properties, Alectra and Allianz — which each owns a 39 per cent stake.
This is not Aware Super’s first global residential property portfolio, with the fund already boasting BTR investments in the United States and Europe.
“Our investment in Get Living complements the fund’s leadership in Australia’s BTR and affordable housing markets, and with our combined expertise we can build a solid foundation to ensure the UK’s BTR housing market meets the growing demand,” Alex Misev, Aware’s senior portfolio manager for property, said in the fund’s statement issued on Monday.
According to Mr Misev, this investment will offer its members strong, risk-adjusted returns and diversification benefits within a sector that has “shown strong resilience during economic downturns and attractive long-term macroeconomic and demographic fundamentals”.
Aware Super has already committed $1.5 billion to further build the fund’s residential portfolio to include 1,250 affordable housing units in Australia by 2025.
In September 2022, the fund also launched its property platform Aware Real Estate, which it intends to boost to $7 billion in assets over the next five years.
Aware Super had previously disclosed its aim to reach $250 billion in FUM by 2026, with its deputy chief investment officer and head of international, Damien Webb, assessing on Monday that this recent investment would assist in achieving that goal.
”Opportunities such as Get Living will not only fuel our scale and allow us to deliver on our investment strategy on behalf of our members, but will provide further diversification so we keep delivering our members strong risk-adjusted returns and lower fees,” Mr Webb said.
The fund also recently announced the opening of its London office, which it described as a “key plank” of its “boots-on-the-ground strategy”.
The Get Living Investment is the latest investment outside of Australia for the fund which includes Forth Ports, Heathrow Airport, Vivenio, City ID, and Kemble Water Finance as part of its current European portfolio.
