AXA IM, SGHC and NHFIC partner to deliver affordable housing

Alternative investment manager, AXA Investment Managers Alts has announced the launch of its Build-to-Rent (BTR) strategy, which will focus on social and affordable housing.

Its first project would be market built-to-rent housing in Westmead, Western Sydney, through a partnership with St George Community Housing (SGCH).

Additionally, AXA’s long-term partnership with community housing organisation would be supplemented by funding from the National Housing Finance and Investment Corporation (NHFIC) as part of a total umbrella commitment of $300 million from NHFIC.

The partnership would provide support in delivering multiple projects, starting with approximately 350 mixed tenure social and affordable dwellings in Westmead, a project which would be managed by SGCH and delivered by developer and builder Deicorp.

The first project is strategically located adjacent to the new Westmead Health and Innovation Precinct, one of the largest health, education, research and training precincts in Australia, and would significantly increase access to affordable housing for key workers in Western Sydney, the firm said.

“Our commitment to the Westmead project, along with our strategic partnership with SGCH and NHFIC will allow us to bring forward much needed supply of high quality, sustainable and affordable new homes, while aligning with our broader ambition of investing with purpose to help improve society and quality of life,” Antoine Mesnage, Head of Australia at AXA IM Alts, said.

“This transaction and the launch of AXA IM Alts Australia’s build to rent strategy allows us to extend our global residential conviction and leverage our track record in the sector to meet the long-term investment requirements of our investors.”

“Westmead is an area with one of the highest concentrations of key workers nationally and is set to benefit from the expansion of the surrounding health and innovation precinct over the coming decade. We recognise the need for quality key worker housing in major employment hubs across Sydney, and our first project in Westmead will offer a solution to these workers who are essential in supporting the needs of the community.”