Deutsche Asset Management (formerly DWS Group) has entered into agreements with FYVE and construction contractor Binah to acquire and develop its first Australian Build-to-Rent (BTR) project, located on Elizabeth Street in Liverpool, Western Sydney. The acquisition, on behalf of one of its real estate funds, is subject to planning approval expected in 2027.

The project, which will be Liverpool’s first major housing project in almost a decade, will transform the site into a 34-storey development and Liverpool’s tallest tower. It will consist of approximately 414 residential apartments and feature high-quality amenities such as a gym, co-working spaces as well as a bar and lounge area, designed to take advantage of expansive views across the surrounding area.

Strategically located in the heart of Liverpool CBD, the project is well placed to serve a large and growing essential-worker catchment within one of Sydney’s major economic and population growth corridors. Residents will enjoy a simpler leasing experience, greater flexibility and the certainty of a single landlord, where unlike traditional rental stock, the development will be a fully staffed asset with an operational team on site.

Future residents will also benefit from convenient access to retail, healthcare, education, transport and employment zones: with a major shopping centre, one of the state’s largest hospitals, technical college and university campuses, as well as Liverpool train station in convenient proximity. The location is also well positioned to benefit from the employment and economic activity generated by the Western Sydney International Airport and planned city-shaping infrastructure investment under the NSW Government’s led “Three City Strategy”.

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.” He 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.”

Amen Zoabi, Managing Director, FYVE said: “We are 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. The agreement further cements FYVE’s standing with leading institutional investors at home and abroad.” Mr Zoabi added: “Our 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.”

Deutsche Asset Management’s real estate platform is a leading global residential investment manager with more than 39 years’ experience in this sector. It manages over 46,000 units and AUD$22 billion in residential assets across Europe and North America (as at 31 March 2026).