Deutsche Asset Management and FYVE Plan 414-Unit Build-to-Rent Tower in Liverpool, Western Sydney

Deutsche Asset Management, formerly DWS Group, has entered into agreements with Australian residential developer FYVE and construction contractor Binah to acquire and develop its first Australian build-to-rent (BTR) project, a 34-storey tower on Elizabeth Street in Liverpool, Western Sydney, the firm announced Nov. 11, 2026.

The acquisition, on behalf of one of Deutsche Asset Management's real estate funds, is subject to planning approval expected in 2027. The site is at 22–26 Elizabeth Street, Liverpool, NSW 2170.

Project Details: 414 Apartments in Liverpool's CBD

The development will consist of approximately 414 residential apartments in a single 34-storey building. The firm said the project would be Liverpool's tallest tower and its first major housing project in almost a decade. Amenities will include a gym and a rooftop amenity area designed to take advantage of views across the surrounding area.

Deutsche Asset Management said the site is in the heart of the Liverpool CBD and is positioned to serve a large and growing essential-worker catchment within one of Sydney's major economic and population growth corridors. Residents will have access to a single landlord with an operational team on site, according to the firm.

The location is close to a major shopping centre, one of the state's largest hospitals, technical college and university campuses, and Liverpool train station. The firm also said the area is positioned to benefit from employment and economic activity generated by Western Sydney International Airport and infrastructure investment under the NSW Government's “Three City Strategy.”

Essential Living Strategy Targets Mid-Market Renters

The project aligns with Deutsche Asset Management's essential living investment initiative, which aims to build quality rental units for medium-income households across Western Sydney, suburban Brisbane and suburban Melbourne.

Ben Taylor, Head of Real Estate, Australia at Deutsche Asset Management, said: “This transaction aligns with our BTR strategy to specifically target the undersupplied mid-market segment, providing quality market rental accommodation for key workers who support the region, at relatively affordable rental levels.”

Taylor added: “We are delighted to join forces with FYVE and Binah, aligning our team's investment, development and asset management capabilities alongside their residential delivery expertise. Western Sydney's investment fundamentals as well as Liverpool's vibrant community make it a compelling location for our first Australian BTR project. We will continue to work together to seek well-located essential living opportunities serving Greater Sydney.”

FYVE and Binah Integrated Delivery Model

Amen Zoabi, Managing Director of FYVE, said the company was “delighted to be chosen to partner with one of the world's leading asset managers to acquire, develop and deliver housing in Australia's key east coast markets,” adding that the agreement “further cements FYVE's standing with leading institutional investors at home and abroad.”

Zoabi said FYVE's integrated developer-builder model with Binah “gives us direct control over cost and program. That delivers real efficiency but, just as importantly, it de-risks the project for our partners.”

FYVE previously marketed an earlier concept for the Elizabeth Street site as a roughly AUD 200 million project involving 193 apartments, a 93-room hotel and commercial space. That figure does not represent the value of the current transaction.

Liverpool Rental Market Conditions

Liverpool's rental market is tight. The suburb's vacancy rate was 1.1% in March 2026, below the commonly cited 3% equilibrium benchmark and broadly in line with the Sydney metropolitan rate. Median weekly rent reached AUD 680 in the June 2026 quarter, up 1.5% from AUD 670 in the prior quarter.

The Liverpool local government area has a target of 16,700 additional homes between 2024 and 2029 under the National Housing Accord period. A separate market assessment identified approximately AUD 3 billion of projects commencing in Liverpool in 2026, including roughly 1,763 apartments, 92 townhouses, 306 dwellings and 1,169 residential lots across planned projects.

Western Sydney International Airport is expected to support long-term employment growth and is already contributing to housing demand in surrounding areas. Infrastructure constraints, including water, sewerage and transport connectivity, remain significant risks to the pace of housing delivery in the region.

Deutsche Asset Management's Residential Platform

Deutsche Asset Management said its real estate platform is a leading global residential investment manager with more than 39 years of experience in the sector. It manages over 46,000 units and AUD 22 billion in residential assets across Europe and North America, as of March 31, 2026. The Liverpool project would be its first in Australia.

Across all property types, the firm has been investing in real estate for more than 50 years and has around 350 employees in more than 22 cities worldwide, with almost EUR 63 billion in global real estate assets under management as of June 30, 2026. Deutsche Asset Management reported total assets under management of EUR 1,221 billion as of Sept. 30, 2026.

FYVE describes itself as a fully integrated property team spanning development, construction and investment.

Outlook

The Liverpool tower marks Deutsche Asset Management's entry into Australia's build-to-rent sector, giving the firm exposure to recurring rental income from a single, institutionally operated community. Planning approval, expected in 2027, remains the next milestone for the project. Infrastructure delivery and construction conditions are among the risks to housing supply in Western Sydney.

Sources

• Deutsche Asset Management media release: https://www.deutsche-am.com/our-profile/media/media-releases/2026/deutsche-asset-management-fyve-western-sydney-build-to-rent/