Lendlease is expanding its presence in Australia’s increasingly build-to-rent market, with the construction giant partnering with global partners—many Japanese—as it looks to become the dominant developer in a new asset class that requires new types of housing and materials.

In May, Wood Central revealed that Lendlease was selling out of more than $4B in UK and North American assets – including the US Army’s cross-laminated timber Privatised Army Lodging (PAL) program – with the contractor vowing to reinvest 75% of its capital back into Australia, including the 55-storey ‘Halo’ $1.8 billion development, the world’s tallest mass timber tower under development in central Sydney.

The latest includes a new $500 million, 499-unit build-to-rent complex in Melbourne’s Docklands, its third in Australia, in a 60/40 partnership with Japanese steel conglomerate Nippon Steel Kowa Real Estate (NSKRE):

“The launch of our first-ever partnership with NSKRE to deliver a new build-to-rent development on Melbourne’s waterfront represents a strategic opportunity to leverage our shared global expertise,” said Tom Mackellar, Lendlease’s head of development.

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