CBA has provided a $168m bilateral construction and term facility to support apt.Residential’s Build to Rent development in Meadowbank, Sydney.
Being delivered in partnership with Dutch pension fund PGGM, the scheme will deliver around 300 apartments and a 4,000 sqm neighbourhood retail centre, that will be known as Meadowbank Corner and anchored by Coles.
Designed to meet the everyday needs of residents in Meadowbank and surrounding communities, the development is also targeting a 5 Star Green Star rating from the Green Building Council of Australia.
“This is a significant milestone for apt.Residential’s Meadowbank project, our broader ambitions in the Australian market, and for the evolution of the Build to Rent sector in this country.
“Our partnership with PGGM and the support from CBA reflects the growing confidence in Build to Rent as a long-term, institutional-grade asset class. We’re proud to be delivering a project that meets the needs of renters and delivers much needed housing in Sydney.”
Puian Mollaian, Investment Director, apt.Residential
Moreover, it will be delivered to achieve minimum target requirements for Nathers, Green Star, NABERS, and WELL. The Meadowbank scheme will also feature a fully electric scheme with provision for 17 EV charging pots, and photovoltaic panels on rooftops for energy top-up in residential areas.
“This transaction demonstrates CBA’s commitment to supporting innovative housing solutions that address Australia’s growing rental demand. We’re proud to be backing apt.Residential on this flagship project, with a shared focus on sustainable development and positive community impact.
“People are seeking more flexible modes of living and homes closer to their jobs. Build to Rent is a key part of Australia’s housing future, particularly when it is delivering more energy efficient infrastructure.”
Jane Thomson, General Manger Major Client Group in NSW, CBA
Structured with market-competitive terms, the facility is tailored to the unique cash flow profile of Build to Rent assets and reflects the sector’s emergence as a preferred investment class.
The Meadowbank development is the first in a pipeline of Build to Rent developments being delivered by apt.Residential across Sydney, with CBA acting as the sole arranger and lender.
