Macquarie’s real estate arm will join the wave of global and local capital pouring into Australia’s booming land lease sector after revealing plans to invest in a new platform which will develop, own and operate land lease housing communities on the east coast.

Funding for Macquarie Asset Management’s push into land lease – a type of affordable housing product where a homeowner owns their home, but leases the land on which it stands – will come from the $US1.9 billion ($2.85 billion) raised for its second opportunistic real estate fund.