This article is from the Australian Property Journal archive
PERTH’S Sirona Capital has secured a $190 million funding package from First State Super for the Kings Square Fremantle redevelopment.
First State Super chief investment officer Damian Graham said the fund was pleased to be working with Altis Property Partner and Sirona to secure its investment in the Kings Square Fremantle redevelopment.
“This is our first major investment in Western Australia and will form a valuable part of our property investment portfolio.
“We look to invest in ways that will provide long-term sustainable returns to our members and at the same time contribute to the growth of the wider community. We believe this investment will do this.” Graham said.
Kings Square Fremantle is underwritten by a 15-year order valium uk lease to the WA state government for 20,000 sqm over five levels and across two buildings to accommodate some functions of the Department of Communities, mainly Housing. The project also includes the introduction of FOMO (Fremantle On My Own), a new urban retail, food and dining destination, the 830 bay multi-deck Queensgate car park.
The project forms part of a larger $270 million Kings Square revitalisation, a joint venture between Sirona Capital and the City of Fremantle, with the city contributing $50 million to a new civic centre.
Altis’ partner Paul Notaras said it was the first structured funding transaction under their mandate with First State Super.
Australian Property Journal
