The funds will be used to complete the construction of Aqualand's mixed-use project in North Sydney
Hall & Wilcox has provided guidance to integrated property developer Aqualand Group on its $600m funding arrangement with alternative property investment manager Qualitas.
Aqualand acting CFO Wayne Mo said that the partnership with Qualitas has come at an important time in the company’s progression.
“Aqualand is currently in the midst of its strongest growth period and is well placed to be at the forefront of property development in Australia for decades to come,” Mo said. “Strategic partnerships of this nature will assist us in making this possible.”
Aqualand will use the funding to complete the construction of its AQUA by Aqualand project, which will deliver luxury residential, retail, and commercial opportunities upon completion. The funding package is believed to be one of the largest property development project finance arrangements ever provided by a non-bank financier in Australia.
Located at 168 Walker Street in North Sydney, AQUA by Aqualand will accommodate a luxury 28-level mixed-used development, including 386 residential apartments, a retail and dining precinct, and commercial spaces. Practical completion on the project is expected by mid-2024.
The Hall & Wilcox team assisted Aqualand in negotiating and finalising all debt documents related to the deal, including a package of senior and mezzanine finance arrangements, a land transfer, and refinance of existing debt.
Partner Mark Inston and senior associate Angelica Huang managed the debt transaction. Meanwhile, partners Ranny Fan and Eugene Chen, senior associate Joy-Yi Zhao, and lawyer Sarah Khan dealt with the corporate side of the funding, with support from partner Jennifer Degotardi and lawyer Victoria Cai (property) and special counsel Ben Cotter (construction).
“It was a privilege to have supported Aqualand Group on this significant transaction,” Fan said. “This landmark funding arrangement demonstrates Aqualand Group’s continuous strong growth in property development in Sydney.”