Build-to-rent developer Novus has the won backing of a large Japanese investor – the property arm of a major power company – to build a $200 million facility in central Melbourne.

It is the first time that Kanden Realty & Development, an arm of the Kansai Electric Power Group, has invested directly in a build-to-rent project in this country, after previously taking over units held by another Japanese investor in a fund backing a Brisbane project.