RESIDENTIAL PROPERTY

GIDA launches $500m fund to tap into housing shortage

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EXPECTING a housing undersupply from next year, developer Goldfields and IDA Property Group have partnered with a high net-worth Melbourne family to launch the GIDA Consortium, which will target delivery of a $500 million portfolio of residential developments in capital cities on the eastern seaboard.

The $100 million investment joint venture intends for a diversified residential development portfolio that includes master planned communities, mixed use schemes and inner city residential apartment projects.

Robbie Fallon, chief investment officer for IDA Property Group, said GIDA Consortium was in a prime position to benefit from favourable supply-side market conditions and a resurgent post-COVID-19 Australian economy.

“We anticipate investors will share our view that the negative market sentiment created by COVID-19 and its second order effects will create attractive acquisition opportunities for experienced, well-capitalised local development businesses like GIDA Consortium.”

Melbourne based Goldfields is currently developing a $300 million tower in the Forrest Hill precinct of Melbourne’s South Yarra that will have 24,000 sqm of office space, and last year paid about $105 million for a 70 hectare farm in the outer south east after Chinese development giant Country Garden backed out of a deal.

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