Aware Super invests in UK BTR sector with Get Living stake acquisition
Aware Super, Australia’s top Build-to-Rent (BTR) investor, has diversified its global Living strategy and expanded its overseas investment footprint with a 22% stake in Get Living, one of UK's most experienced developers, and operators of large-scale BTR neighbourhoods.
Aware Super purchased Qatari Diar’s stake in Get Living and will now join existing investors APG and DOOR – a residential investment vehicle comprising investment from Delancey client funds Oxford Properties, Alectra and Allianz – which each own a 39% stake.
With a £3bn portfolio and secured development pipeline of 6,500 homes, Get Living is set to benefit from Aware Super's expertise in BTR investments in the US and Europe.
Get Living was launched in 2013 to operate 1,500 homes at East Village in the former 2012 Olympic Village in Stratford, the UK’s first large-scale residential neighbourhood. Today, the company manages 4,000 homes across London and Manchester with a further 6,500 in a near-term pipeline across Lewisham, Maidenhead (One Maidenhead), Leatherhead, Birmingham, Leeds and Glasgow.
Over the last two years, new neighbourhoods have also been secured in Birmingham, Maidenhead and Leatherhead, all of which are currently under construction, extending Get Living’s reach across the UK. These are in addition to the major mixed-use redevelopment of Elephant and Castle Town Centre, which received a £365 million development loan early in 2022 to kickstart construction.
The UK BTR sector is predicted to be worth £170bn by 2032, with over 380,000 homes. The investment is part of Aware Super's international expansion strategy, which includes investments in Forth Ports, Heathrow Airport, and Vivenio.
Alek Misev, Aware Super Senior Portfolio Manager – Property, commented: “As Australia’s leading investor in the Build to Rent and affordable housing market, Aware Super is excited to partner with Get Living, a market-leading and award-winning BTR platform with a 5 Star GRESB rating for its existing assets. Together, we can build a solid foundation to ensure the UK’s BTR housing market meets the growing demand.
“Most importantly, this investment will also offer our 1.1 million members strong, risk-adjusted returns and diversification benefits in a key-strategic region for Aware Super, within a sector that has shown strong resilience during economic downturns, and attractive long-term macroeconomic and demographic fundamentals.”
Tariq Al Abdulla, Chief Development & Project Delivery Officer (Europe & America), Qatari Diar saidd: “After purchasing the former Athletes’ Village after the 2012 Olympic and Paralympic Games, Qatari Diar established East Village and the Get Living Platform in 2013 in partnership with Delancey Client Funds. Over the ten years we have been proud to be a founding partner of the Business, always committed to its growing success and its pre-eminence within the Build to Rent sector.
“We are very confident that Aware Super are well-positioned to seamlessly continue the success of Get Living and help drive its ambitious vision. We look forward to seeing the business evolve further with Aware Super as an investor.”
Rick De Blaby, CEO of Get Living said: “Firstly, I would like to thank Qatari Diar for their vision and their invaluable support and commitment to Get Living. Over the last ten years they have played a pivotal role in the success of the company, from the early days of launching Get Living in East Village to where we are today: a leading BTR business with not only a robust pipeline and business model, but with a resilient platform, a talented team and a compelling resident proposition, founded on a profound insight into what people want and aspire to have from their home, their amenity and their neighbourhood.
“In Aware Super, we are extremely privileged to have a long-term, purpose-driven and mature investor, and I look forward to working closely with their team, as they join our other valued investors in APG and DOOR. Aware Super’s backing of Get Living is a huge vote of confidence in our business, which gives us real firepower to drive ambitious growth plans, in service to all our investors.“
Lazard acted as Qatari Diar’s financial advisor, and CMS as legal advisor. Savills Capital Advisors acted as Aware’s financial advisor and Hogan Lovells as their legal advisor. Simmons & Simmons and Jones Day acted as legal advisors to APG and DOOR respectively.