CEDAR PACIFIC IS SEEKING $500 MILLION IN INVESTMENTS FOR ITS NEW BUILD-TO-RENT FUND.

By JEFFREY GIBBS

Fund manager Cedar Pacifc has announced the launch of its frst build-to-rent (BTR) fund, with a $500 million equity raise. The fund will be seeded by two developments, one in Brisbane and one in Auckland, New Zealand, before targeting other Australian capital cities.

Established in 2015 by Luxembourg-based Pamoja Capital, Cedar Pacifc has a $2.5 billion portfolio of more than 10,000 beds across 18 assets in Australia and New Zealand, with an additional four assets in development.

To manage the equity raise, Cedar Pacifc has appointed Savills Capital Advisors. The project in Queensland is set to become the state government’s third pilot build-to-rent project, featuring 475 apartments, of which more than half will be eligible for governmentsubsidised rent. Essence Communities, a subsidiary of UniLodge, will manage the completed projects under a white-label agreement.

Cedar Pacifc CEO Bernard Armstrong said, “Affordable and professionally managed housing is key to a growing population, fuelled by Millennials, older Gen Zs and the return of higher immigration numbers. We are passionate about creating positive investment opportunities with responsible social and environmental factors.” The launch of the fund follows the government’s announcement that the managed investment trust withholding tax rate for residential BTR developments will be halved from 30 per cent to 15 per cent for foreign investors in jurisdictions like Singapore, Canada and Japan. The changes, which will apply from 1 July 2024, are for projects of 50 or more apartments made available for rent to the general public and retained under single ownership for at least 10 years before being sold. Greystar Real Estate Partners, Mirvac, Cadillac Fairview, Sentinel Real Estate Corporation, Tim Gurner and HESTA are all tapping into the Australian BTR market. Cedar Pacifc’s new BTR vehicle has a further nine assets totalling 3,500 units in its pipeline, including four with development approval. The fund manager plans to target assets in Sydney, Melbourne,

Canberra and Perth.

Savills Capital Advisors

Co-Head Joe Guilfoyle said, “We anticipate strong interest from institutional investors both in Australia but also internationally. We anticipate attractive risk-adjusted returns in the BTR sector in Australasia due to forecast rental growth as the market matures over the next few years.” Overall, Cedar Pacifc’s BTR fund is set to revolutionize the Australian rental market, offering more accessible and professionally managed housing to meet the needs of a growing population.

By JEFFREY GIBBS

Online gambling is illegal in Australia under the Interactive Gambling Act 2001. The Australian Communications and Media Authority (ACMA) recently conducted an investigation into a website called CS:GO Roll, which was found to be offering online casino-style games with virtual in-game items called ‘skins’ as the currency.

Skins are virtual items that can be earned or purchased in the popular online video game

Counter-Strike: Global Offensive (CS:GO). They are used for cosmetic purposes and can be traded on thirdparty platforms for real money.

In the case of CS:GO Roll, players could deposit skins in exchange for in-game coins to gamble on casino-style games. Winnings from the site were paid out in the form of skins, which could then be converted into real money.

ACMA Chair Nerida

O’Loughlin said the investigation highlighted the need for gambling sites to abide by Australian laws, regardless of the currency used.

“Providing casinostyle games online is prohibited in Australia when playing for money or something of value, whether that’s Australian dollars, cryptocurrency or in this case, online gaming skins,” O’Loughlin said. “Skins gambling services are particularly concerning as they tap into a youth market and have the potential to convert gamers into gamblers.” As a result of the investigation, the website has been taken offine and its owner, Feral Holdings Limited, has been issued with a formal warning for contravening the Interactive Gambling Act.

The fndings of the ACMA investigation serve as a reminder of the importance of regulating gambling sites in Australia. The authority is committed to creating a safe and responsible online gambling environment, one that is free from the potential dangers posed by skins gambling services. It is essential that all gambling services in Australia abide by the law and refrain from providing casino-style games for real currency or virtual items.