MinterEllison has advised Daiwa House Australia (DHA) on their acquisition of a majority interest in a build-to-rent development at Melbourne Quarter in association with Lendlease.

DHA is Japan's largest home builder and property developer. This development opportunity with Lendlease marks an exciting entry for DHA into Australia's build-to-rent market. It represents DHA’s continued interest in the country's housing market and the emerging build-to-rent asset class.

Situated at 646-666 Flinders Street, on the southern edge of Melbourne's CBD, building with an end value of circa $650m forms the final piece of Lendlease's acclaimed Melbourne Quarter precinct. Upon completion, Melbourne Quarter will be a modern and sustainable mixed-use precinct, housing over 14,000 workers and more than 3,800 residents.

With its six-decade-long experience in single-family housing, rental housing, commercial facilities, logistics, and condominiums, Daiwa House maintains a strong commitment to carbon neutrality across all its developments.

M&A Partner Louella Stone and Real Estate Industry Partner Carla Deluca led the MinterEllison team who advised on the due diligence, land acquisition, building contracts, and other associated agreements.

Louella Stone commented on the deal, "We congratulate Daiwa House Australia on their significant strategic entry into the Australian build-to-rent market, expanding their development footprint in Australia. We look forward to working with the Daiwa House team again on future Australian investments."

Further commenting, Carla Deluca said, "The transaction demonstrates the growing appetite for the build-to-rent asset among leading developers in various global markets, including Australia. Lendlease and Daiwa House bring global expertise to this development, and we are proud to have provided legal advice on this development opportunity."