This article is from the Australian Property Journal archive
REAL estate investment managers, Barings, have extended their real estate debt activities in the Asia Pacific, launching three new loans in Australia and New Zealand.
The three loans are worth more than $320.4 million with an aggregate of $259.3 million agreed on for Australia and NZ$130 million in New Zealand.
“Expanding our loan book to APAC is an exciting and important step in the ongoing growth of our global real estate debt platform, which now has a combined total of more than US$ 30.6 bn of commitments and we are now actively lending in 14 countries,” said Sam Mellor, head of Europe & Asia-Pacific real estate debt at Barings.
“We are uniquely positioned to provide financing solutions for borrowers as we have capital available across the risk return spectrum from senior core loans, whole loan transitional loans out to construction lending and see a real opportunity in the APAC markets, driven by a gap in financing from traditional lenders.”
In Sydney, Barings has provided two loans totalling $162.5 million to Scape. The sponsor and operator with major international institutional equity backers will utilise the loans to fund the construction of two purpose build student accommodation projects, with a combined 517 beds.
While in Brisbane, Barings has provided $40.3 million to a five-year, investment phase facility on a newly completed build-to-rent (BTR) project, developed and managed by Arklife on behalf of ADCO Constructions.
The BTR project includes 89 rental apartments, 200sqm of office and 140sqm of retail space, in addition to community facilities including a gym and wellness centre, playroom, dining and function areas, a rooftop pool, bar and dining areas, as well as parking for 116 cars.
Across the Tasman, Barings has realised its investment in a NZ$130 million loan to Winton Land.
The listed developer will use the facility to fund the remaining site works and subdivision of 1,375 residential lots and four commercial units in Te Kauwhata, North Island.
The residential lots at the site are currently 84% pre-sold to the New Zealand Government, which has an AA+ S&P credit rating.
“All three loans have strong ESG credentials and the sponsors are highly regarded leaders in their markets, while residential real estate in Australia and New Zealand offers an attractive supply-and-demand dynamic,” added Mellor.
Barings has also appointed Abhishek Srivastava as a senior analyst at its existing Sydney team, as part of the group’s ongoing growth plan for the region.
