Superannuation giants back merger to tackle Australia’s housing crisis
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Two of Australia’s largest superannuation funds have taken a majority stake in a newly merged housing developer and investment manager, aiming to boost the nation’s housing supply.
Assemble and Super Housing Partnerships have announced their merger to form Assemble, with backing from AustralianSuper and HESTA.
The new entity plans to unlock institutional capital into a portfolio of housing assets through an end-to-end investment model.
Assemble CEO Carolyn Viney said: “As the newly appointed CEO of Assemble, I am thrilled to continue working alongside Kris Daff as our Managing Director and with the broader Assemble team.”
“Together, we will leverage our combined expertise to provide innovative housing investment opportunities for our investment partners, while at the same time, increasing the supply of new, high-quality homes to the many Australians for whom renting or buying a home has been increasingly challenging,” she added.
The merged company will focus on providing affordable housing solutions for middle-and-lower-income earners, offering a range of options including social, essential worker, and market-rate rental housing.
Assemble Managing Director Kris Daff said: “The merger between Super Housing Partnerships and Assemble underscores our commitment to addressing the housing crisis.”
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“Backed by two of the nation’s largest industry superannuation funds, we are able to scale up the various innovative housing models we have developed over a number of years,” he added.
AustralianSuper Chief Executive Paul Schroder highlighted the investment potential, stating: “Assemble’s new capability helps solve a key challenge for institutional investors โ like AustralianSuper – looking for scalable opportunities to invest in a range of housing choices to deliver appropriate risk-adjusted returns for members.”
HESTA CEO Debby Blakey emphasised the broader impact of the investment, saying: “Australia’s housing shortage impacts our members who provide critical services and need to afford housing near their work, as well as economic productivity that presents broader systemic risks to long-term investors like HESTA.”
The merger aims to provide institutional investors with opportunities for stable, long-term returns while addressing Australia’s housing supply crisis.
Assemble plans to partner with the development industry, government, and community housing sectors to achieve its goals.
As a Certified B Corp, Assemble has committed to meeting high standards of social and environmental impact in its operations.