Build to Rent is a successful housing model internationally. As momentum in Australia grows, there is a need to address the roadblocks, challenges and opportunities that face this emerging sector. With limitations in the tax regime there are calls for rental reform in order to make Build to Rent an attractive asset class for developers and investors. Despite these barriers Build to Rent is happening in Australia and is on the path to become a major asset class.
This highly interactive and informative Driving Growth & Investment in Build to Rent conference will bring together key domestic and international experts to discuss the future of this asset class in Australia.UK Market - key insights
- According to Barclays research the UK Private Rented Sector is currently valued at over £1 trillion.
- The UK shifted their tax laws and legislation, which resulted in the asset class beginning to thrive, despite corporation tax (currently at 19%) reducing returns for nonresident investors.
- Across the UK, the BTR sector now boasts over 117,000 homes complete, under construction and in planning, with the British Property Federation (BFP) releasing quarterly reports and interactive maps to track each project and its progress.
A Development Finance Partners report stated that looking toward the UK – where BTR is still relatively immature as an asset class – it can be seen that they managed to overcome some of the same problems faced by the Australian market.
So how did the UK make it work?Unpack key questions with the UK policy makers, investors and developers who have been successful in the Build to Rent journey.
- What has made this tenure so successful in the UK?
- What drove government support?
- What’s working for investors?
- What’s working for operators?
- What’s working for residents?
- Lessons learnt from established projects
Organisations and individuals looking to capitalise on the opportunities that exist in the emerging Build to Rent marketplace, interested in understanding the market, identifying opportunities, making the right connections including:
- Pension/ Superannuation funds
- Fund Managers
- Commonwealth & State Treasury
- State Planning Authorities
- Housing Associations
- Local Councils
- Consultants & contractors
- Property Lawyers
Attend to learn:
- Policy, planning & tax updates
- Investment - what is working?
- How to operate & manage BTR
- Design considerations
Pfp Capital (UK)
Alexandra Notay is Build to Rent fund director at PfP Capital, the fund and asset management arm of Places for People, tasked with raising a £550M fund to deliver 3,000 BTR homes across the UK. She is also an internationally recognised expert on build to rent, placemaking and sustainable urban development, with 15 years’ strategic advisory experience to public and private sector clients across four continents. In January 2019 Alex was selected as one of the 48 women shaping the future of UK real estate at the prestigious BISNOW Women Leaders event.
Alex is a published author and editor of over 30 books and reports on real estate including the renowned ULI UK Best Practice Guide on Build to Rent (2014, 2016). Alex is a vice-chair of ULI UK Residential Council and on the ULI UK Executive Committee, serves on the BPF Build to Rent Committee and is an Associate Member of CREFC Europe. She is also a non-executive director of Sound Diplomacy, SouthWest Board Member for LandAid and trustee of SunScreenIT Foundation.
London Home Quarters & Atlas Residential (UK)
Quentin founded the company with the confidence of a 20-year career in the property industry. The company now provides development consultancy services , leading the development of nearly 2000 homes across the UK. The company is also engaged in its first in house developments.
As Construction and Development Director at Atlas Residential, he now leads a platform of 1200 build-to-rent homes across the major cities in the UK
Prior to establishing London Home Quarters, Quentin was Development Director at Essential Living driving their market leading 2,000 unit London focused build-to-rent portfolio.
At Lend Lease, Quentin played significant roles in some of London’s largest regeneration schemes including the Athletes Village, Elephant and Castle and the International Quarter.
He brings an excellent understanding of product, value, design and management disciplines coupled with a thirst for excellence and innovation. His focus on placemaking is vital to BTR where projects must market themselves in perpetuity
Global Apartment Advisors (UK)
Mr. Woodward is the President of Global Apartment Advisors (GAA), a firm with the mission to share best practices from the well-established U.S. rental apartment industry with clients around the world. Mr. Woodward brings more than 25 years of leadership experience to this role, with expertise in real estate investment, asset management, property management, development and construction for some of the world’s premier public and privately held real estate companies.
Rental apartment sectors, similar to what has existed in the U.S. forseveral decades, are in the early stages of being established in many countries around the world. GAA advises companies on all aspects of apartment design, layout, floorplans, common areas and amenities. GAA also advises clients on all aspects of creating and running an ongoing property management platform including operations, technology, systems, software, organization structure, resident programming and customer service. GAA operates as an extension of each client’s real estate group and ensures that their apartment developments are at the leading edge of the industry based on the latest global innovations occurring in this sector.
GAA also advises non-U.S. companies on investing in the U.S. apartment market. The amount of foreign investment into U.S. real estate has been growing significantly as many investors around the world view the U.S. as a safe harbor for capital. In addition, real estate provides hard asset investments to further protect capital. Of all real estate product types, apartments have historically achieved among the best risk adjusted return levels. Therefore, apartment investing in the U.S. is seen around the world as particularly well insulated.
Mr. Woodward is also the Chief Executive Officer of CompassRock Real Estate, a leading national provider of institutional-quality asset and property management services to the apartment, office, retail and industrial sectors in the U.S. CompassRock was originally founded in partnership with Fortress Investment Group (NYSE: FIG) to provide asset and property management to a large national apartment and commercial real estate portfolio controlled by Fortress. Most notably, CompassRock was responsible for the dramatic turnaround of Stuyvesant Town / Peter Cooper Village in New York City – the largest rental apartment community in the United States totaling 11,232 units and 30,000 residents of Manhattan. CompassRock’s turnaround of “StuyTown” culminated in a sale to Blackstone for $5.4 billion, the largest single-asset transaction in U.S. real estate history. CompassRock is no longer affiliated with Fortress.
Prior to GAA, Mr. Woodward was the Global Head of Multifamily for Brookfield Asset Management (NYSE: BAM), one of the largest asset managers and real estate investors in the world with AUM of $250 billion. Brookfield owns 50,000 rental apartment units in the U.S. and also owns Fairfield Residential, a California-based owner, developer and property manager of apartment properties nationally. Brookfield owns other multifamily portfolios across the United States and controls development sites in major cities in the U.S. and in international capitals around the world including Canary Wharf in London where 3,000 units of rental housing are being developed and Potsdamer Platz in Berlin where there are numerous apartment properties on the estate.
Mr. Woodward was previously the CEO of The Laramar Group where he assembled a portfolio of owned and third-party managed properties totaling over 40,000 rental apartment units as well as a nationwide commercial portfolio. Mr. Woodward was responsible for growing Laramar into a widely-recognized and well-regarded national platform.
Prior to Laramar, Mr. Woodward was a Senior Vice President at Security Capital Group (NYSE: SCZ) and its affiliate, Archstone Communities (NYSE: ASN), which was one of the largest and best regarded U.S. apartment REITs with a portfolio that totaled approximately 75,000 units. At Archstone, Mr. Woodward held key positions in Asset Management, Property Management and the New Ventures Group where he identified and funded start-up companies related to the real estate industry. The New Ventures Group created many companies that transformed the industry including the leading online resident screening company, SafeRent (now part of CoreLogic), and the leading online revenue management company, LRO (now part of RealPage).
Mr. Woodward is on the Board of Directors of the National Multifamily Housing Council (NMHC), the Executive Forum of the National Apartment Association (NAA), the Global Outreach Committee of the NAA, the Sustainability Committee of the NMHC, the Advisory Board of the Fisher Center for Real Estate and Urban Economics at U.C. Berkeley, the Board of Directors of Shelters to Shutters, a non-profit focused on providing housing and jobs to homeless veterans, is a member of Young Presidents Organization (YPO) and is a regular speaker at real estate industry events around the world. Mr. Woodward is a Senior Advisor to Quintain, a subsidiary of Lonestar, which is developing the largest rental apartment scheme in the UK which will include over 5,000 rental units. In 2007 Mr. Woodward was named Executive of the Year by Multifamily Executive magazine and again in 2013 was named Executive of the Year by MultiHousing News magazine. Mr. Woodward holds a B.S. degree in Business Administration from the Haas School of Business at the University of California at Berkeley.
British Property Federation (UK) (Presentation via Skype)
Ian Fletcher is Director of Policy (Real Estate) at the British Property Federation (BPF) – the trade association for the property investment sector. Ian speaks for the sector and his team covers a wide range of housing, commercial property, planning and sustainability issues. He was a member of the Government’s Montague Review Group, which examined how to encourage greater institutional investment in rented housing, and is a long term champion of the nascent Build-to-Rent sector in the UK. He has also recently helped Government review the case for making client money protection compulsory for letting agents.
Away from the BPF, Ian has recently stepped down from chairing the committee of management which regulates the quality of private student accommodation in the UK.
Ian was formerly Head of Policy and Chief Economist at the British Chambers of Commerce. He has also worked in banking and teaching, and holds professional qualifications in finance and market research, and is an honorary Fellow of the Institute of Residential Property Management. He is married, with one young son.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide.
CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
The Property Investors Alliance
Established in 2005, The Property Investors Alliance is one of Australia’s largest and fastest growing real estate and property investment organisations, currently providing services to more than 10,000 private investors, 7,500 tenants and 5,500 landlords, as well as selling residential apartment projects on behalf of some of Australia’s leading property developers.
PIA’s value-chain model forms strategic industry alliances with developers, land owners, financiers and builders to deliver mutually beneficial outcomes, offering innovative property solutions, a robust sales strategy, strong returns and long term relationships.
In FY18, PIA clients invested more than $1 billion in Sydney residential apartment market, contributing 10.55% of NSW New housing supply. With a highly networked property sales team of more than 300, and 10,000 investment ready customers, PIA stimulates – or creates – billions of dollars in market demand each year, and consistently delivers industry leading pre-sales, settlements and leasing results so that our developer partners can commence construction and start looking for their next site.
PIA provides streamlined, fully integrated, in-house services (sales, marketing, contracts, finance, settlements, QA, leasing and property management) to provide peace of mind and reassurance so our developer partners can concentrate on their core business – delivering developments.
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