Aware Super buys Qatari Diar stake in Get Living

Aware Super enters UK market with the purchase of Qatari Diar’s stake in Build to Rent developer and operator, Get Living.

Plaza 240, Get Living’s Build to Rent development in London, Stratford. Aware Super buys Qatari Diar's stake in Get Living | BTR News
Plaza 240, Get Living’s Build to Rent development in London, Stratford. Aware Super buys Qatari Diar's stake in Get Living.

Australian superannuation fund – Aware Super – enters UK’s Build to Rent market with the purchase of Qatari Diar’s 22% stake in Get Living PLC, the developer and operator of large scale Build to Rent neighbourhoods.

Subject to final contract completion, Aware Super will join existing investors APG and DOOR (a residential investment vehicle comprising investment from Delancey client funds, Oxford Properties, Alecta, Allianz and LPPI) which each control a 39% stake.

Lazard acted as Qatari Diar’s financial advisor, and CMS as legal advisor. Savills Capital Advisors acted as Aware Super’s financial advisor and Hogan Lovells as their legal advisor. Simmons & Simmons and Jones Day acted as legal advisors to APG and DOOR respectively.

“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 Build to Rent platform with a 5 Star GRESB rating for its existing assets. Together, we can build a solid foundation to ensure the UK’s Build to Rent 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.”

Alek Misev, Senior Portfolio Manager – Property, Aware Super

Investor Qatari Diar has played an instrumental role in Get Living’s growth and the emergence of the UK’s Build to Rent sector. It was a founding investor when Get Living launched in 2013, to operate 1,500 homes in the former Olympic Village in Stratford, the UK’s first large scale Build to Rent neighbourhood.

“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.”

Tariq Al Abdulla, Chief Development & Project Delivery Officer (Europe & America), Qatari Diar

Get Living currently has a c.£3bn portfolio which spans 4,000 operational homes across three neighbourhoods in East Village and Elephant Central in London, and New Maker Yards in Manchester, alongside 6,500 homes in the secured development pipeline. Get Living’s newest large neighbourhood of 650 homes launches in Lewisham in late 2023.

Over the last two years, new neighbourhoods have been secured in Birmingham, Maidenhead and Leatherhead, 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 £365m development loan in early 2022 to kickstart construction.

Future growth plans include further phases of development at East Village and consent has recently been secured for a new neighbourhood in Glasgow.  

“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 Build to Rent 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.”

Rick De Blaby, CEO, Get Living

Research from Savills and the British Property Federation, supported by Get Living, estimates that the number of Build to Rent homes could increase fivefold to 380,000 by 2032, with the sector estimated to be worth £170bn, as Build to Rent becomes an integral part of the UK housing delivery and economic growth.