TH Real Estate will lend to build-to-rent as it turns to a debt strategy
全球房地產投資經理TH房產公司公布將利用其在美國多家庭行業的債務融資專長在澳洲進行Build to rent, 並借貸給澳大利亞的房屋租賃專業行業公司，他將利用在美國多家庭行業的債務融資專長在澳洲進行Build to rent 。
TH房地產負責人邁克說: 在整個2017年投資股權的過程中，我們主要通過了債務空間。 利用市場上的缺口，進行投資，這也是我們的客戶想要的東西，“並說 “儘管單產緊縮，但某些行業仍有增長。”
雖然抵押貸款出了界限，但建築租賃 - 長期租賃公寓的機構投資 - 在集團的議程上是很高的.
Global real estate investment manager TH Real Estate is poised to lend to the build-to-rent sector in Australia, capitalising on its expertise in debt funding in the multifamily industry in the US.
The group will focus on commercial debt financing as its next strategy in Australia and has hundreds of millions up to $1 billion from "house money" or existing funds from clients to deploy into investments in office, industrial and retail assets, it said at a briefing on Tuesday.
About 80 per cent of the group's trade in 2017 will be debt-related, and in the year to date, TH has closed $7 billion in debt transactions.
"Throughout 2017 while investing in the equity side, we have moved across the debt space in a major way. There is a gap in the market and it's what our clients want," head of TH Real Estate Mike Sales said.
"Despite the compression in yields, there is still growth in certain sectors."
While mortgages were out of bounds, build to rent – institutional investments in long-term rental apartments – was high on the group's agenda.
"We like to get into multifamily, but it doesn't really exist here. We are great multifamily lenders in the US," said TH Real Estate Asia Pacific Head of Debt Martin Priestley, who was recently appointed to spearhead the debt strategy in Australia.
"The difficult part is the equity portion [for investors], but we are keen on the sector ... we are interested in it from a debt point of view."
TH will lend between 50 to 60 per cent in loan-to-value ratio for the right build-to-rent projects and in some cases up to 70 per cent, as it does in the US, global head of commercial real estate debt Jack Gay said. A long tenure of 10 years is likely.
Across all assets, TH will focus only on long-term senior debt. While banks favour short-term "three to five-year money", TH can stretch as far as 12 years, offering diversity in products to clients, Mr Priestley added.
"With the regulatory issues the banks are facing, they haven't grown and are standing still ... but the market continues to grow and somewhere along the way the growth needs to be funded by somebody," Mr Priestley said.
"The size of the funding gap, $40 to $65 billion depending on which economists are trying to guesstimate it ... there is a gap there."
In equity, TH will continue to focus on the core commercial sectors, even retail, despite Amazon's entry into Australia, but it will also look at investing in alternative assets such as student accommodation and health.
"They can provide more yield as we enter the more defensive side of the cycle," head of Australia Nick Evans said.