The $160 billion Aware Super and global investment manager Barings have acquired a new Canberra development with build-to-rent apartments for $157.5 million, giving an early glimpse into the market value of BTR assets.

The asset, sold by local developer Tony Pan, marks the first time a completed BTR asset has exchanged hands in Australia’s capital. Its $157.5 million sale price reflects a circa 6 per cent fully leased forecast yield for the neighbourhood retail centre and BTR apartments.