King & Wood Mallesons (KWM) is delighted to have acted as consortium legal counsel on the Building Communities consortium’s successful bid for the design, construction, operations and financing of Homes Victoria’s Ground Lease Model Project, a public-private partnership (PPP)
Scheduled for completion in early 2024, the Project will deliver 619 new social housing, 126 affordable housing and 365 market rental dwellings across three sites in Brighton, Flemington and Prahran. The new housing will be delivered under an innovative ground lease model in partnership with Homes Victoria. The Project is expected to create an estimated 4,500 jobs.
The consortium, which comprises Tetris Capital (as bid lead and financial adviser), Community Housing Limited (as equity provider and services provider), Icon Kajima (as builder), Citta Property Group (as development and property adviser) and the National Housing Finance and Investment Corporation (NHFIC, as financier), was advised by a cross practice KWM team led by partners Jeff Clark, Tim Ma and Simone Menz, with Senior Associates Charles Westh and Stuart Alexander, and Solicitor Georgia Mullins leading the financing, D&C and services work-streams, respectively.
In addition to the above, Claire Rogers, Mark Upfold and Brendan Smith led a separate KWM team who advised NHFIC in connection with the financing of the Project, while Jo Dodd advised NHFIC on their bond issuance in connection with the Project.
Jeff Clark commented: “We are grateful for the opportunity to work with the Building Communities consortium on their successful bid to redevelop the Brighton, Flemington and Prahran sites. The innovative model developed with Homes Victoria will deliver a significant number of new social housing and affordable housing dwellings in combination with new market rental dwellings and address the critical housing needs within the local communities.”
The project achieved financial close on 3 June 2021.