Herbert Smith Freehills has advised Melbourne-based specialist housing fund manager Super Housing Partnerships (SHP) on its build-to-rent (BTR) apartment development at 402 Macauley Road, Kensington.
The development will deliver 362 mixed-tenure apartments comprising affordable, social, private market and specialist disability accommodation (SDA). The Victorian Government provided A$32 million of debt funding as part of the transaction with the remaining debt funding being provided by ANZ and equity being provided by industry super fund HESTA.
The Herbert Smith Freehills team was led by partners David Sinn (Real Estate, Melbourne) and Lucy McCullagh (Finance, Melbourne) and was supported by senior associate Josh Todd, and solicitors Hayden Shamoi, Michelle Park and James Simpson.
David Sinn said, "SHP is a market-leading developer acting at the forefront of the BTR space and it has been a pleasure to assist them in bringing this development to fruition".
Lucy McCullagh said, "We are thrilled to have advised SHP on such a significant development, and to have played a part in developing Australia’s social housing and BTR sectors. This transaction highlights the growing trend of BTR developments and a focus on satisfying Australia’s growing need in the housing sector, particularly the social and affordable space".
This transaction is another example of Herbert Smith Freehills’ market-leading work in BTR and social impact finance and advising clients on important housing projects across Australia.