North Fremantle Acquisition
HOSTPLUS and Roxy-Pacific are entering into their second joint venture in Australia. The joint venture partners are acquiring a 4.4 ha industrial site in North Fremantle with the intention to have the land rezoned to residential.
HOSTPLUS has been represented by ISPT through their residential mandate. Roxy Pacific, a hospitality and property development company listed on the Singapore Stock Exchange will provide 40% of the equity, HOSTPLUS providing 60% of the equity for the acquisition.
The partners have previously invested on similar terms in a development site in South Brisbane. The South Brisbane site is permitted for the development of 432 residential apartments. Both sites were identified and secured by Pindan who will also provide development management services to the joint ventures.
The investment by Roxy Pacific demonstrates their confidence in the Australian property market and HOSTPLUS is establishing a geographically diversified and strategic residential property development portfolio.
According to ISPT Fund Manager David McFadyen; “ISPT has established a broad development exposure for HOSTPLUS in three states with potential projects in a fourth state imminent through our residential mandate with HOSTPLUS. This will give their direct residential property portfolio a good balance between built form, strategic acquisitions and greenfield development.”
Ben Hopkins, Director Roxy Pacific Australia said “Roxy-Pacific is happy to be partnering with a major Industry Super Fund in some of their development opportunities in Australia. This will add to our existing acquisitions and help build our presence in Australia.”
Nick Allingame, Development Director for Pindan was delighted with the outcome, “Pindan has been keen to develop relationships with major investors and developers around Australia as well as in our home city of Perth” he said.
Pindan Capital buys huge Ferndale Development
27 Mar 2015