Man GPM partners with Bouwinvest on net zero energy US single-family rental communities

Charlotte, North Carolina, development is the first institutional build-to-rent community focused solely on net zero energy homes

2 February 2022

Man Global Private Markets (‘Man GPM’), Man Group’s private markets investment business, today announces that it has partnered with Bouwinvest Real Estate Investors (‘Bouwinvest’), a specialist real estate investment manager, to build net zero energy single-family rental homes. The joint venture will aim to build around 1,000 net zero energy build-to-rent properties across various US metropolitan areas over the next several years. The first project in Charlotte, North Carolina, is the first institutionally backed build-to-rent net zero energy single-family rental community in the US.

Man GPM and Bouwinvest will construct homes targeting a Home Energy Rating System (HERS)1 score of zero, whereby the renewable energy produced by rooftop solar panels is equal to the annual energy usage. The properties, which will target three or more bedrooms, will also be ENERGY STAR-certified (or equivalent)2 and include items such as energy-efficient building materials and heating and cooling systems, ENERGY STAR certified appliances, electric vehicle charging ports, low flow water fixtures, LED lighting and low maintenance yards.

Anthony Cazazian, Head of US Residential Real Estate, Man GPM, said:

“We are facing a serious climate crisis that has implications on every part of our lives. At the same time, we are facing a housing shortage and consumers are looking for modern and healthier living alternatives. We’re excited to work with Bouwinvest, who we consider a global leader in sustainable real estate investments, to help be a part of the solution to all of these challenges and provide homes that we believe are built for the future. Man Group has a heritage of finding innovative solutions for complex problems, and we see a significant opportunity to bring this novel approach to Charlotte and beyond.”

Bert van den Hoek, Senior Portfolio Manager North America, Bouwinvest, added:

“Bouwinvest aims to make its entire portfolio near carbon neutral by 2045 in line with the goals of the Paris Agreement. That means we need to work on our existing portfolio, but we are also committed to investing in new assets and development projects that will be near carbon neutral. This build-to-rent joint venture of net zero energy single-family rental homes with Man GPM is attractive to us because it balances sustainability with the long-term financial goals of our pension fund clients.”

Bouwinvest is a Dutch institutional real estate investment manager with $17.5 billion3 of assets under management globally across all property segments. The firm opened its New York office in 2020 and is looking to expand its presence in North America to $2.5 billion within two to three years from $2.0 billion today. In line with this joint venture, the firm focuses on creating sustainable and liveable urban environments that generate stable income for its clients.

Man GPM, which has single-family rental operational headquarters in Charlotte, North Carolina, has managed US residential real estate equity and debt investments since 2012. Through its single-family rental investment platform, the firm has managed the acquisition and/or development of more than 5,200 homes/lots in 18 markets across buy- and build-to-rent approaches. Man GPM has been investing in build-to-rent developments since 2014, including 13 self-contained, purpose-built rental communities, and was an early adopter of ENERGY STAR certification for new home construction. Man GPM has $3.5 billion in AUM including commitments and has deployed more than $7 billion in capital across equity and debt investments since inception.4

 

1. The Home Energy Rating System (HERS) Index is the industry standard by which a home’s energy efficiency is measured and the nationally recognised system for inspecting and calculating a home’s energy performance.
2. To be certified as ENERGY STAR, a building must meet strict performance standards set by EPA. A building must earn an ENERGY STAR score of 75 or higher on EPA’s 1 – 100 scale, indicating that it performs better than at least 75 percent of similar buildings nationwide. This 1 – 100 ENERGY STAR score is based on the actual, measured energy use of a building and is calculated within EPA’s ENERGY STAR Portfolio Manager tool.
3. As of 30 June 2021.
4. As of 30 September 2021.

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