Key Takeaways
- • Novus, Australia's leading build-to-rent platform, has partnered with a Japanese investment consortium comprising Kanden Realty & Development, Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN), and Cosmos Initia to develop "Novus on Forest," a 310-unit BTR project in Sydney.
- • Novus on Forest will comprise 310 purpose-designed apartments across five buildings ranging 6–9 storeys in a campus-style configuration, marking Novus's fourth Sydney addition and first campus-style BTR development.
- • The Japanese consortium's investment reflects institutional capital confidence in Australia's BTR sector; this marks Kanden's second Novus partnership and the first BTR investment for both JOIN and Cosmos in Australia.
- • Construction is expected to commence in early 2027, with the project emphasizing strong environmental credentials and sustainable housing principles.
- • The partnership underscores Novus's mid-scale strategy gaining institutional traction across New South Wales and Victoria, attracting both domestic and offshore capital as the platform scales.
Summary
Novus, Australia's institutional build-to-rent platform, has announced a strategic partnership with a Japanese investment consortium to deliver Novus on Forest, a 310-unit BTR development in Sydney. The consortium comprises three Japanese entities: Kanden Realty & Development (Kanden), Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN), and Cosmos Initia (Cosmos). The project represents a significant milestone for both parties—marking Kanden's second investment in a Novus BTR project and the inaugural Australian BTR investment for both JOIN and Cosmos.
The development will feature 310 purpose-designed apartments distributed across five buildings with heights ranging from 6 to 9 storeys, configured in a campus-style layout. This architectural approach represents Novus's first campus-style BTR development and its fourth addition to Sydney's rental housing landscape. According to Novus CEO Adam Hirst, the project showcases the platform's proven mid-rise product typology and reinforces the success of its mid-scale strategy across New South Wales and Victoria. Hirst emphasized that the consortium's participation reflects "strong conviction from Japanese capital in Australia's BTR sector, and continued confidence in the growing Novus Platform."
The Japanese partners highlighted their strategic rationale for the investment. Kanden Director Masaki Toyooka noted the company's commitment to sustainable housing and strengthening Japan-Australia partnerships, stating the development's "strong environmental credentials" were a key attraction. Cosmos Australia Holdings Managing Director Keisuke Muraoka noted the company's broader strategic expansion in Sydney's rental housing market, while JOIN's participation signals institutional diversification into Australian residential infrastructure.
Construction is anticipated to commence in early 2027. The project underscores institutional capital's growing appetite for mid-scale, sustainably-designed BTR assets in Australia's major markets, positioning Novus as an attractive platform for both domestic and offshore institutional investors seeking exposure to Australia's undersupplied rental housing sector.
The development will feature 310 purpose-designed apartments distributed across five buildings with heights ranging from 6 to 9 storeys, configured in a campus-style layout. This architectural approach represents Novus's first campus-style BTR development and its fourth addition to Sydney's rental housing landscape. According to Novus CEO Adam Hirst, the project showcases the platform's proven mid-rise product typology and reinforces the success of its mid-scale strategy across New South Wales and Victoria. Hirst emphasized that the consortium's participation reflects "strong conviction from Japanese capital in Australia's BTR sector, and continued confidence in the growing Novus Platform."
The Japanese partners highlighted their strategic rationale for the investment. Kanden Director Masaki Toyooka noted the company's commitment to sustainable housing and strengthening Japan-Australia partnerships, stating the development's "strong environmental credentials" were a key attraction. Cosmos Australia Holdings Managing Director Keisuke Muraoka noted the company's broader strategic expansion in Sydney's rental housing market, while JOIN's participation signals institutional diversification into Australian residential infrastructure.
Construction is anticipated to commence in early 2027. The project underscores institutional capital's growing appetite for mid-scale, sustainably-designed BTR assets in Australia's major markets, positioning Novus as an attractive platform for both domestic and offshore institutional investors seeking exposure to Australia's undersupplied rental housing sector.
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