Gaw Capital partners with GreenFort for land lease community projects in Australia

Gaw Capital partners with GreenFort for land lease community projects in Australia

Sydney Opera House, Sydney, Australia. Photo by Frans on Unsplash

Gaw Capital Partners is investing in land lease community projects in Australia through a joint venture with alternative real estate fund manager GreenFort Capital.

Gaw Capital, a real estate private equity firm run by one of Hong Kong’s richest families, said the joint venture will acquire and develop an A$800 million ($533 million) pipeline of more than 50 land lease community projects.

The collaboration is the second for Gaw and Greenfort following their partnership on the Reside Communities retirement living platform in 2018. The development has grown to more than 1,000 homes with a gross value of about A$1 billion.

“We are excited to partner again with GreenFort to launch our land lease community platform in Australia… this joint venture further strengthens our commitment to investing in sustainable and innovative projects that positively impact communities,” said Gaw Capital Partners president and managing principal Kenneth Gaw.

GreenFort last year established the Liven Communities land lease business and acquired 57,000 square meters of land on Beach Road at Hervey Bay in Queensland. It received approval to develop 132 homes and resort-style community facilities.

Adam Vaggelas, GreenFort partner and Liven Communities co-founder, said the partnership comes on the back of a significant opportunity buoyed by Australia’s rapidly ageing population, lack of housing supply, and deteriorating housing affordability.

“We see a compelling opportunity to deliver quality, well-located land lease accommodation which will assist senior Australians to downsize and release equity to fund their retirement,” Vaggelas added.

GreenFort Capital, established in 2017, is one of Australia’s leading diversified Living Sector Specialists with full-cycle capabilities across the origination, delivery, investment management, and operation of projects throughout Australia.

The joint venture also comes a year after Gaw Capital achieved $3 billion in the final close of its latest flagship real estate fund for Asia Pacific.

Gaw Capital previously made private credit investments from its sixth fund in the series, and it will work on more credit investment deals in Fund VII. Fund VI closed at the hard cap of $2.2 billion in 2019.

Edited by: Joymitra Rai

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