Major European pension fund commits AUD200,000,000 (US$142,000,000) for Australian build-to-rent projects

New York, October 25, 2018: Sentinel Real Estate Corporation (Sentinel) announced today that it has received a commitment of AUD200,000,000 (US$142,000,000) from a major European pension fund to invest in Sentinel Australia Multifamily Hold Trust I, a venture established to build, own and manage Class-A rental apartment communities throughout Australia. The venture will target the creation of rental housing designed to meet the needs of Australians throughout the country.

Commenting on the commitment, Michael Streicker, Executive Vice President of Sentinel, said, “We are extremely pleased to be in a position with our partners to offer Australia its first build-to-rent property. We believe the property sector reflects the opportunity for institutions to garner attractive returns by investing in high-quality, well-managed rental housing. At the same time, residents will enjoy the benefit of professional onsite management, around-the-clock maintenance, convenient location to shops and downtown Perth and a full suite of attractive community amenities. Sentinel’s typical build-to-rent property will offer its residents leases of one- or two-year durations. There will be flexibility in their lifestyle through a wide variety of floor plans and unit types, plus a broad range of apartment features including stainless steel appliances, stone countertops, walk-in showers and spacious outdoor living areas with patios or balconies in every apartment. Residents will have access to a state-of-the-art fitness center, a pool and sundeck, a cabana with BBQ stations, a rooftop lounge with a garden and a media/social room, among others.

“Although the build-to-rent model is new to the Australian marketplace, we have seen build-to-rent properties succeed across the globe. After reviewing the idea of build-to-rent in Australia for nearly a decade, we are pleased to now be able to introduce the product into Australia in the coming months,” said Millie Cassidy, President of Sentinel.

Sentinel’s initial investment in its Australian build-to-rent platform took place in 2015, when it acquired three parcels of land in the Australian Fine China precinct of Perth from the Metropolitan Redevelopment Authority with the intention of constructing Australia’s first ever build-to-rent community. The first phase of the community, called Element 27, will be part of the venture, and will begin leasing in January 2019 with a projected date for initial tenancy of April 2019. In addition to Subiaco, Sentinel is actively targeting sites in Melbourne, Brisbane, the Gold Coast and Sydney.

About Sentinel

Sentinel is an independently owned real estate investment firm, established in 1969. The firm currently has nearly AUD10 billion (US$7 billion) of institutional quality real estate assets under management, owned on behalf of global institutions in America, Europe, Australia and the Middle East. Throughout its history, the firm has owned over 146,000 build-to-rent units across the US. Sentinel has headquarters in New York City with 16 additional US offices, as well as offices in Amsterdam, Melbourne, Perth, Munich and Singapore.

Further details on Sentinel can be found at sentinelcorp.com
Further details on Element 27 can be found at element-27.com.au

For media inquiries, or to arrange an interview, please contact:

Karen F. Hallock, Managing Director
Sentinel Real Estate Corporation (Sentinel)
Tel: +001 212 408 2962
Email: hallock@sentinelcorp.com

For the PDF of this press release, see here.

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Manama, Kingdom of Bahrain, 6th February 2018: Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, announced today its acquisition of an office campus in Raleigh-Durham, North Carolina, United States of America in partnership with Sentinel Real Estate Investment Corporation (Sentinel). This is the first joint venture with Sentinel, a New York based real estate investment management firm with a proven track record across various sectors throughout the US.

A signing ceremony was held at Mumtalakat’s offices today, Tuesday 6th February 2018, in the presence of Mahmood H. Alkooheji, Chief Executive Officer of Mumtalakat and John H. Streicker, Chairman of Sentinel.

The state-of-the-art Class A campus is fully leased to Lenovo, a Fortune 500 global technology leader and one of the largest PC makers in the world. Located in the heart of Research Triangle Park, a 7,000-acre (over 28 square kilometers) dedicated scientific research park in the United States, the campus provides strong cash flows, attractive yields and solid rent growth. Research Triangle Park houses over 250 companies in which more than 50,000 people work. It continues to recruit and retain some of the world’s leading corporations and rapidly growing technology and innovation firms.

Commenting on the, acquisition, Mahmood H. Alkooheji, Chief Executive Officer of Mumtalakat said, “The real estate sector is a key component of our portfolio growth strategy, and the US real estate market is growing significantly. In fact, Raleigh-Durham is one of the fastest growing markets in the US. The area has shown strong employment growth, at twice the national average over the past year, setting a new peak in total employment. It also boasts a dynamic business climate and solid infrastructure with a growing economy, which makes it a very attractive market for us to invest in. With this transaction, the sector represents approximately 22% of our total portfolio companies.”

“Our partnership with Sentinel is in line with our collaborative approach to investments for further diversification and growth. It furthers Mumtalakat’s real estate investment strategy by focusing on geographic diversification into high demand and developed markets across a broad range of income generating assets including commercial offices,” added Alkooheji.

John H. Streicker, Chairman of Sentinel, said of the transaction, “We are very pleased to be venturing with Mumtalakat on this first joint acquisition. Sentinel is very comfortable with the Raleigh-Durham market. We have been active investors in the region since the 1970s and maintain a regional office there. The stable, long-term growth exhibited by the region bodes well for this exceptional property. For the last decade and a half, Sentinel’s corporate strategy has been to align ourselves with sophisticated global investors. We find that these cross border alliances have growing importance as the world becomes more interconnected. We continue to learn from the fresh perspectives and new practices that accompany these partnerships.”

– Ends –

About Mumtalakat:

Mumtalakat, the Bahrain Mumtalakat Holding Company, is the sovereign wealth fund of the Kingdom of Bahrain. With a mandate to grow the wealth of Bahrain through long-term investments based on sound financial, strategic and governance principles, Mumtalakat holds stakes in over 50 commercial enterprises with a portfolio spanning a variety of sectors, including industrial manufacturing, financial services, telecommunications, real estate, logistics, consumer products, healthcare and education.

Further details on Mumtalakat can be found at www.mumtalakat.bh

About Sentinel:

Sentinel is an independently owned real estate investment firm, established in 1969. The firm currently has over $7 billion of institutional quality real estate assets under management, assembled with both institutions and high net worth investors in America, Europe, Australia and the Middle East. Sentinel has headquarters in New York City with 16 additional US offices, as well as offices in Amsterdam, Melbourne, Munich and Singapore.

Further details on Sentinel can be found at www.sentinelcorp.com

For further details, please contact:

Suha Matar
Head of Corporate Communications & Public Affairs
Bahrain Mumtalakat Holding Company (Mumtalakat)
Tel: +973 1756 1280
e-mail: suha.matar@bmhc.bh

Karen F. Hallock
Sentinel Real Estate Investment Corporation (Sentinel)
Tel: +001 212 408 2962
e-mail: hallock@sentinelcorp.com

For the PDF of this press release, see here.

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