Macquarie Asset Management is entering the UK’s private rented housing sector and has established Goodstone Living as a specialist development and investment management business.
Goodstone will acquire, develop, and operate purpose-built rented housing communities across the UK.
The new business will be led by Darryl Flay and Martin Bellinger, founders of the UK’s first private build-to-rent developer-operator, Essential Living.
Goodstone will focus on the development and long-term ownership of urban rental communities where demand for rental housing is growing and there is an undersupply of high-quality accommodation.
Macquarie said in a statement that the business intends to build “a market-leading portfolio of scale”, adding that it will leverage “its platform experience to support Goodstone Living’s initial development programme”.
All homes developed by Goodstone Living will be focused on promoting decarbonisation and creating positive social value. The business will target net zero carbon operations for both its corporate and portfolio activities.
The company said that the establishment of Goodstone is strategically aligned with its focus on establishing and incubating specialist real estate managers in sectors supported by significant structural tailwinds.
“This sector has emerged as a global mega-trend in real estate over the last 10 years, driven by secular trends including urbanisation, digitalisation and demographic shifts,” said co-head of Macquarie Asset Management’s real estate team in Europe Dana Gibson. “This has created an opportunity to access this growing asset class at scale, and we expect sustained demand and changing demographics will make it more resilient, less volatile, and correlated with inflation rather than the cycle.”