This article is from the Australian Property Journal archive
JAPAN’S Nomura, Avenue Capital and Allianz Global Investors have anchored Resimax’s $350 million refinancing of the Eynesbury community in Melbourne’s north west growth corridor.
The deal followed six months of negotiations, and Resimax Group managing director Ozzie Kheir said it is the group’s most significant since its purchase of Eynesbury in 2019.
“We’re very thankful to our major funding partners Nomura, Avenue Capital and Allianz Global Investors, who have banded together to support the ongoing delivery of Eynesbury township,” Ozzie said.
“This deal underscores their confidence in Resimax’s capability as well as our largest residential project Eynesbury.”
The funding will allow Resimax to bring forward major infrastructure and services that will support Eynesbury’s existing population of more than 4,000 people, future residents and local business operators.
“I’m sincerely grateful to outgoing financier MaxCap Group and Metrics for their support over the past three years, which has underpinned the success of Eynesbury,” Kheir said.
Resimax has reactivated the development of the 828-hectare Eynesbury, between Melton and Werribee, and delivered more than 650 lots, despite the challenges of COVID lockdowns and soaring wage and material costs.
Eynesbury is bordered by 288 hectares of protected forest and has an abundance of parkland and open spaces. It includes a primary school, kindergarten, sporting facilities, grocery store, restaurants, cafes monthly farmers’ market, golf course and the historic bluestone Eynesbury Homestead, which has been renovated into a dining and entertainment venue.
The Victorian government announced last year that a permanent bus service to Eynesbury would be provided as part of its election commitments.
The substantial refinancing of the project comes amid a national housing shortage and a record migrant intake that is expected to put further pressure on supply.
Stephen Allan, a managing director at Nomura in Australia responsible for loans and principal investments said the global financial services group is honoured to be able to assist the continued expansion of Eynesbury.
“We are thrilled our investors showed full confidence in Nomura by supporting this marquee funding package, demonstrating trust in us, the project and our delivery partner, the Resimax Group.”
