Press Release – Du Val Group Du Val Group is pleased to announce that it has successfully declared unconditional its first Build to Rent Fund (BTR) comprising two existing assets at 2-6 May Road, Auckland and 69 McKenzie Road, Auckland. The BTR Fund has successfully raised equity …
Du Val Group is pleased to announce that it has successfully declared unconditional its first Build to Rent Fund (BTR) comprising two existing assets at 2-6 May Road, Auckland and 69 McKenzie Road, Auckland.
The BTR Fund has successfully raised equity from investors and a term debt facility from CCB NZ totaling $35,000,000. This is one of the first successful BTR Funds of its nature in New Zealand.
“It leads to substandard conditions and a lack of security of tenure for tenants. The result is that renting, and tenants, are considered second class.” Since returning to New Zealand recently, Gardner had become an advocate for build-to-rent developments which he believed was part of the solution to the country’s housing woes. Build-to-rent involves the development of multi-unit residential buildings for long-term rentals, rather than sales to individual owners.
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Developer Kent Gardner says the build-to-rent model can help fix the broken housing rental system. It has become both a major part of the rental market and a sought after investment asset class in Europe and the United States and is now taking off in Australia.
Monday, 26 April 2021, 7:12 am | Du Val Group On Friday 23rd April 2021, the Du Val Group confirmed banking support for the Build
To Rent fund of 17.3 million dollars with one of the locally represented international
banks following extensive discussions with a short list of providers. The Du Val . More