M&G buys Melbourne build-to-rent development for USD 158 million

(AWP Alliance News) - M&G Real Estate acquired Bowen Crescent, a newly completed build-to-rent development in Melbourne, for USD 158 million, according to an announcement on October 27, 2026. The acquisition brings its Asia Living Property strategy's assets to approximately USD 500 million, marking its first investment in Australia's build-to-rent sector. The 17-story property comprises 215 rental apartments near Melbourne's central business district and major university precincts.

The deal builds on an existing develop-to-core partnership with Novus in Australia. It is the strategy's sixth investment in under two years.

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Disclaimer: This news brief was created using generative artificial intelligence. M&G plc published the original content used to generate this news brief on October 27, 2026, and is solely responsible for the information contained therein.