Landmark FV project attracts international investment
Brisbane’s thriving apartment market is drawing unprecedented investment from some of the world’s largest global institutions, as luxury developer, GURNER™ announces construction on its landmark $600m ‘FV’ project, which is backed by a consortium of major finance players.
The project’s finance facility, worth $220million, is one of the largest syndicated investments into Brisbane’s property market in recent years and consists of the likes of Singaporean-based investment firm, Thakral, a credit fund managed by an affiliate of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”)and one of Australia’s most prolific investment managers, MaxCap Group.
The funding facility is being fully underwritten by ANZ Bank, with MaxCap helping to facilitate the deal with GURNER™.
“ Tim Gurner set us a challenge from day one but we knew we had the right ingredients to structure this investment,” said MaxCap Managing Director, Wayne Lasky.
GURNER™ founder and director, Tim Gurner said the global investment backing reflected the confidence in the project and the brand and also the increasing international confidence in the thriving Brisbane apartment market as a number of key infrastructure and renewal projects continue to redefine the city.
“ Our FV project in Fortitude Valley has attracted international funding from some of the world’s largest investors including Apollo, Thakral and leading private Australian family offices, which is an incredible accomplishment for us and Brisbane.
“ This represents the increasing strength in the apartment market and the local economy as billions of dollars are invested into key infrastructure and development projects.
“ To have a project such as FV which has brought together the likes of Thakral, Apollo, MaxCap and ANZ to invest heavily in Brisbane speaks volumes for the project and economy and the longevity of the market here.
“ Having the backing of such major international players, and to commence construction on the project today, marks an unprecedented commitment into Brisbane’s future so we are delighted to be turning the first soil and stepping closer to delivering this landmark $600million development,” he said.
GURNER™ has today turned the first soil at the landmark development, after a phenomenal sales campaign quickly saw all 651 apartments in the first two buildings completely sell out after just a few months.
Construction on the first two buildings in the three building development is expected to create upwards of 2,500 jobs in the local Brisbane economy.
According to Brisbane Lord Mayor, Graham Quirk, FV is one of many proposals which have been approved by Brisbane City Council in the Fortitude Valley precinct since January 2013.
“We are in the midst of a regeneration of the Fortitude Valley precinct with several hotel, residential and commercial projects coming online, reflecting the evolution of the Valley as a premier lifestyle and entertainment hub,” Cr Quirk said.
“Iconic developments such as FV are revealing the Fortitude Valley as a lifestyle destination, with the mix of new and heritage buildings taking shape and showcasing Brisbane as a new world city.
“These developments are not only contributing to urban renewal, but they will have long-term benefits for the Valley’s economy with many major businesses now taking up residence,” he said.
Once complete, FV will play a pivotal role in the urban renewal of Fortitude Valley and will deliver over 2,500sqm of luxury retail, 4,300sqm of resident amenity within the FV Private Club and 920 residential apartments over three architecturally distinct, world-leading buildings.
International world-leading firm, Brookfield Multiplex will be responsible for delivering the first two buildings of the three tower precinct, ‘Flatiron’ and ‘Valley House’, in a contract worth over $150m.