With the backing of two of Australia’s largest super funds, housing developer and manager Assemble has announced that it is merging with specialist affordable housing investment manager Super Housing Partnerships, to form Assemble.
AustralianSuper and HESTA have taken a majority ownership stake in Assemble, which is expected to give Australia’s housing supply pipeline a boost with Assemble now positioned to further unlock institutional capital into a portfolio of housing assets by way of its end-to-end investment model.
On behalf of its capital partners, Assemble aims to originate, deliver and manage “well-designed and suitable homes” for renters and homebuyers nationally.
Assemble focuses on solutions suitable for middle-and-lower-income earners, offering affordable, social, essential worker, specialist disability and market-rate rental housing via an integrated build-to-rent model and home-ownership pathways via build-to-rent-to-own and build-to-sell living options.
AustralianSuper Chief Executive Paul Schroder said Assemble’s new capability helps solve a key challenge for institutional investors looking for scaleable opportunities to invest in a range of housing choices.
“We believe all Australians should live well in retirement, and to do that they need both super and housing. Through investments like this, super funds can play an important role in responding to the current housing supply crisis while delivering on our purpose for members.”
Assemble aims to provide institutional investors with investment opportunities which generate stable, long-term returns by investing in housing at scale across Australia.
Assemble will leverage its existing development, operations and investment management expertise to partner with the development industry, government, and community housing sectors.
“We will leverage our combined expertise to provide innovative housing investment opportunities for our investment partners, while at the same time, increasing the supply of new, high-quality homes to the many Australians for whom renting or buying a home has been increasingly challenging,” Assemble CEO Carolyn Viney said.
“The merger between Super Housing Partnerships and Assemble underscores our commitment to addressing the housing crisis. Backed by two of the nation’s largest industry superannuation funds, we are able to scale up the various innovative housing models we have developed over a number of years, and in doing so, provide stable, long-term returns for our investors and their members while offering much-needed housing options for Australians.”
Assemble has adopted a co-leadership approach with Kris Daff continuing as Assemble Managing Director, and Carolyn Viney appointed as Assemble CEO.
HESTA CEO Debby Blakey said parnering in Assemble is an opportunity to develop solutions to break down barriers to large-scale investment in housing.
“Australia’s housing shortage impacts our members who provide critical services and need to afford housing near their work, as well as economic productivity that presents broader systemic risks to long-term investors like HESTA.”