Gilbert + Tobin (G+T) have advised AXA IM on its strategic partnership with National Housing Finance and Investment Corporation and community housing provider St George Community Housing to develop affordable housing, with the first project being in Westmead, Sydney.
AXA IM Alts has launched its Australian build-to-rent strategy with a focus on affordable housing for essential workers through a strategic partnership with National Housing Finance and Investment Corporation (NHFIC) and community housing provider St George Community Housing (SGCH).
NHFIC will provide a $150 million loan alongside additional funding from AXA IM Alts to help finance the Westmead housing project. The new homes under this project will include 350 affordable build-to-rent dwellings, located near the Westmead Health and Innovation Precinct, one of the largest health, education, research and training precincts in Australia. The Westmead project will be managed by SGCH and delivered by Deicorp.
This is the first project under a broader $300 million financing commitment from NHFIC to support the partnership in delivering multiple projects at scale via a replicable financing model. Construction of the Westmead project is set to begin in 2023, with a completion date scheduled for 2025.
The G+T team was jointly led by Banking + Projects partner Spiro Papadolias and Charities + Social Sector partner Darren Fittler, with support from lawyers Elizabeth Lathlean, Sara Mohabbati, Lucy Goodlad, Karla Dunbar, Malia Emberson-Lafoa'i and paralegal Noah Solomon.
Spiro said “It has been an absolute privilege to assist AXA on this affordable housing initiative with NHFIC and St George Community Housing. This milestone transaction is a great example of how a shared collaboration focus and innovative debt structure can help leverage government funding and facilitate institutional investment in this sector. Our involvement on this project from inception to close has been an extremely rewarding journey and one that we can all be very proud of. The Westmead project provides a significant investment in unlocking real outcomes for essential workers in the area and we look forward to celebrating the positive impact this project will continue to have on people’s lives.”