Private equity firm Warburg Pincus and Australian real estate investment manager Kio have expanded their partnership to invest in build-to-rent (BTR) and purpose-built student accommodation (PBSA) projects across major Australian cities, according to their announcement on Wednesday.
The expanded partnership includes an additional capital commitment to acquire BTR assets and broadens its mandate to include PBSA, with the combined commitments targeting a rental living portfolio with an end value of A$2.5 billion (around $1.76 billion).
The partnership, launched in 2024, has so far secured four projects in Sydney, Melbourne and Brisbane. All four projects have received development approvals, while three are under construction.
The venture is now adding a fifth BTR asset in Melbourne’s Collingwood suburb. Early construction is expected to begin in the fourth quarter of 2026, with the project set to deliver more than 400 apartments.
The expanded mandate will allow Kio to acquire and develop PBSA assets alongside its existing BTR portfolio.
“We have moved quickly to establish a meaningful presence across Australia’s tier-1 rental living markets, while building a strong pipeline for future growth,” Kio founder and managing director Sam Bisla said. “This expanded commitment allows us to accelerate the next phase of growth by increasing our BTR portfolio and expanding into PBSA, creating a more diversified institutional living platform.”
For Warburg Pincus, the deal is part of its strategy of backing local operators to build real estate platforms in Asia’s living sector.
“We are pleased to deepen our partnership with Sam and the Kio team,” said Andrew Fitzpatrick, managing director at Warburg Pincus. “Since launching the partnership together in 2024, they have demonstrated exceptional sourcing capability, disciplined execution and a clear ability to develop high-quality institutional living assets in Australia’s most attractive markets.”
Kio was founded in 2024 by Bisla and focuses on build-to-rent, studio living and other institutional residential assets across major capital cities. The firm acquires, develops and operates rental housing, with projects and partnerships across Melbourne, Sydney, and Brisbane.
Warburg Pincus has invested more than $10 billion across around 60 real estate platforms and ventures in Asia Pacific, including in living, logistics, data centres, and industrial assets. Its living-sector investments include Weave Living, a living-sector specialist focused on gateway cities across Asia Pacific, and Tokyo Beta, the largest share house portfolio in Japan.
