Two major European institutional investors have come on board to back a $1.5 billion build-to-rent fund established by Craig Carracher and Stephen Gaitanos, the co-founders of Scape Australia, the country’s largest student accommodation provider.

Dutch investors APG, which is the Netherlands largest pension provider, and Bouwinvest, a property fund manager, are partnering with the Scape principals in a joint venture – which they have termed “rent-to-live” – targeting 10,000 apartments by 2030. Close to $1 billion in equity capital has now been committed by the venture’s current investors.