Deutsche Asset Management acquires Aussie residential developer

Deutsche Asset Management (formerly DWS Group) is acquiring an Australian residential developer to develop its first Australian built-to-rent (BTR) project, with some 414 apartments to be made available once completed.

The announcement follows the appointment of Ben Taylor as head of real estate for Australia in February.

Deutsche Asset Management has entered into agreements with developer FYVE and construction contractor Binah to develop a BTR project on Elizabeth Street in Liverpool, Western Sydney. The deal was made on behalf of one of its real estate funds and is subject to planning approval, expected in 2027.

The project, which will be Liverpool's first major housing project in almost a decade, will transform a site into a 34-storey development and proclaimed the suburb's "tallest tower", consisting of approximately 414 apartments, a gym, and a roof top amenity overlooking the surrounding area.

The site is also located near Liverpool train station, providing easy access to retail, healthcare, education, transport and employment zones. The location is also well positioned to the Western Sydney International Airport and planned city-shaping infrastructure investment under the NSW Government's led "Three City Strategy".

Commenting, Taylor said the development aligns with Deutsche Asset Management's essential living investment initiative, which aims to build quality rental units for medium-income households.

"This transaction aligns with our BTR strategy to specifically target the undersupplied mid-market segment, providing quality market rental accommodation for key workers who support the region, at relatively affordable rental levels," he said.

"We are delighted to join forces with FYVE and Binah, aligning our team's investment, development and asset management capabilities alongside their residential delivery expertise.

"Western Sydney's investment fundamentals as well as Liverpool's vibrant community make it a compelling location for our first Australian BTR project. We will continue to work together to seek well-located essential living opportunities serving greater Sydney."

Meanwhile, FYVE managing director Amen Zoabi said the company is delighted to have been chosen by Deutsche Asset Management.

"The agreement further cements FYVE's standing with leading institutional investors at home and abroad," Zoabi said.

"Our integrated developer-builder model with Binah gives us direct control over cost and program. That delivers real efficiency but, just as importantly, it derisks the project for our partners."

Deutsche Asset Management's real estate platform manages over 46,000 units and $22 billion in residential assets across Europe and North America as at 31 March 2026.