Property & Development Finance

Banking & Finance

Banking & Finance » Property & Development Finance

A global climate of economic uncertainty has taken its toll on the Australian property finance market with funding constraints which have impacted borrowers and financiers.

As banks pull back from their property exposures and maintain a lower appetite for risk, they’ve also restricted borrowing options.

That’s where Corrs can help. We regularly work with businesses to identify their key financing issues in a short time frame, and offer innovative structured property financing solutions to financiers and sponsors.

Our Experts

EMBLIN Ben CMYK 90x130

Ben Emblin

Partner Location Sydney Profile
Brad Husband.jpg

Brad Husband

Partner Location Melbourne Profile
Clare Corke.jpg

Clare Corke

Partner Location Brisbane Profile

Eleanor Kwak

Special Counsel Location Melbourne Profile
Henry Self.jpg

Henry Self

Partner Location Sydney Profile
RUSSELL Megan website grey TH

Megan Russell

Special Counsel Location Sydney Profile
OGRADY Patrick CMYK 90x130

Patrick O’Grady

Partner Location Sydney Profile
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Philip Wilson

Consultant Location Perth Profile
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Rebecca Field

Partner Location Perth Profile
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Simon Reid

Partner Location Sydney Profile

Our Experience

Lockerbie Sheep Station sale: Australia’s largest individual land transaction

The Lockerbie Sheep Station, a 1,121 hectare development site about 35 kilometres north of Melbourne, Victoria, was purchased by Stockland Limited for $300 million. It was Australia’s largest ever individual land transaction.

Traditionally Melbourne has sprawled substantially east and south, but since the redefined Urban Growth Boundary, the northern area had been rezoned for residential use and this was one of the first major deals to redefine the new urban landscape.

The transaction required the Corrs team to prepare a comprehensive risk assessment of complex long term development agreement, which included a review of tax, stamp duty, planning and Growth Area Infrastructure Contribution (GAIC) issues.

The Corrs team acted for the freehold financier on the structured sale.

More

Private equity giant Blackstone’s $806 million takeover bid for cash strapped Valad Property Group

Leading U.S. private equity firm Blackstone’s acquisition of debt laden Valad Property Group is the first time for a number of years the local market had seen the financing of a private equity house for the acquisition of an Australian real estate group.

Corrs was able to deliver a strong outcome for the financiers JP Morgan and National Australia Bank on the hybrid deal, bringing strong leveraged finance and property finance capability.

More

Upper West Side development property financing

Based in the heart of Melbourne, the ‘Upper West Side’ is one of the largest inner city developments in Australia, with 2600 residential apartments over four towers, 30 retail outlets and a project value of approximately A$1 billion.

The Corrs team has acted for a bank syndicate comprising ANZ, OCBC and UOB in relation to the $150 million funding of stage one of the development.

The team was heavily involved in negotiating the D&C contract, to ensure that the contractor was responsible for delivering key environmental and insurance outcomes, and that construction risk was allocated appropriately.

The team also had significant input into aspects of presale contracts, which ultimately resulted in clean due diligence reports being provided to the Agent, enabling a streamlined syndication and closing.

More

Our Thinking

Keeper at the gate: Regulator targets a range of transgressions in financial services

ASIC’s half term enforcement report shows the regulator’s intent to ensure financial institutions and advisers comply with their obligations, lifting the standards of financial advice providers.

More

Renewable energy for remote Australia - Can our rural and indigenous communities go off-grid?

Debt-funded renewable energy is the practical solution for energy security in remote Australia.

More

Five tips to avoid stalemates when negotiating financial covenants

Successfully negotiating financial covenants often requires some thinking “outside the box”.

More

Grand Theft Backhoe: PPSA, contractor insolvency and priority over construction equipment and materials

Four lessons to prevent a PPSA disaster happening to you.

More

Saving the world, one bank at a time

Global banking giants like Citi and JP Morgan have discovered the returns available in social finance and impact investment.

More

Policeman or post box? The role of facility agents in Australia after the Torre Asset case

It pays to be precise when drafting contractual limitations of what an agent can and cannot do.

More

Curbing the flight of the phoenix - New solutions are needed to address insolvency in the construction industry

Building company insolvencies are rife and state governments must act.

More

Infrastructure in Indonesia: Building the framework for effective PPPs

What needs to be done for public private partnerships to succeed in Indonesia?

More

Exit strategies in commercial relationships - Rethink after Andrews

Poorly drafted exit strategies risk being held unenforceable penalties. Does yours need a rethink?

More

Quick guide to establishing a presence in Indonesia

Indonesia is a vast emerging market. What are the choices for establishing a presence there?

More

Australia-Indonesia: Time for a closer future

Indonesia’s potential is vast and now is the time for genuine engagement.

More

When a security interest beats legal title - Only under the PPSA

Neglecting to register an interest under the PPSA could leave you wholly out of pocket.

More

Striking the balance: Financing PPPs with government contributions

How can governments maximise cost savings while retaining the risk transfer and performance incentives associated with private finance?

More

Environmental finance: A new way to finance your building retrofit

A new lending product is incentivising property owners to upgrade the environmental efficiency of their existing buildings.

More

Is there a better way to determine Libor?

Is the latest crisis in the banking sector enough to drive overdue reform of Libor?

More

The infrastructure deficit - Is Islamic finance part of the solution?

Australia’s “infrastructure deficit” is significant. Some estimate that, over the next decade, the difference between our infrastructure needs and available government resources could blow out to as much as $770 billion.

More Download

The break-up of the Eurozone? Implications for Australia

Hopes were high that a resolution to the European crisis could be achieved at last week’s EU summit. However, departure of one or more countries from the Eurozone is a real possibility. We consider what this means for Australia.

More

Eurozone crisis may have a silver lining for Australian infrastructure

The Eurozone crisis is of fundamental concern for global economic stability. How should Australia respond?

More

Our Experience

Lockerbie Sheep Station sale: Australia’s largest individual land transaction

The Lockerbie Sheep Station, a 1,121 hectare development site about 35 kilometres north of Melbourne, Victoria, was purchased by Stockland Limited for $300 million. It was Australia’s largest ever individual land transaction.

Traditionally Melbourne has sprawled substantially east and south, but since the redefined Urban Growth Boundary, the northern area had been rezoned for residential use and this was one of the first major deals to redefine the new urban landscape.

The transaction required the Corrs team to prepare a comprehensive risk assessment of complex long term development agreement, which included a review of tax, stamp duty, planning and Growth Area Infrastructure Contribution (GAIC) issues.

The Corrs team acted for the freehold financier on the structured sale.

Private equity giant Blackstone’s $806 million takeover bid for cash strapped Valad Property Group

Leading U.S. private equity firm Blackstone’s acquisition of debt laden Valad Property Group is the first time for a number of years the local market had seen the financing of a private equity house for the acquisition of an Australian real estate group.

Corrs was able to deliver a strong outcome for the financiers JP Morgan and National Australia Bank on the hybrid deal, bringing strong leveraged finance and property finance capability.

Upper West Side development property financing

Based in the heart of Melbourne, the ‘Upper West Side’ is one of the largest inner city developments in Australia, with 2600 residential apartments over four towers, 30 retail outlets and a project value of approximately A$1 billion.

The Corrs team has acted for a bank syndicate comprising ANZ, OCBC and UOB in relation to the $150 million funding of stage one of the development.

The team was heavily involved in negotiating the D&C contract, to ensure that the contractor was responsible for delivering key environmental and insurance outcomes, and that construction risk was allocated appropriately.

The team also had significant input into aspects of presale contracts, which ultimately resulted in clean due diligence reports being provided to the Agent, enabling a streamlined syndication and closing.

Our Thinking

Keeper at the gate: Regulator targets a range of transgressions in financial services

ASIC’s half term enforcement report shows the regulator’s intent to ensure financial institutions and advisers comply with their obligations, lifting the standards of financial advice providers.

Renewable energy for remote Australia - Can our rural and indigenous communities go off-grid?

Debt-funded renewable energy is the practical solution for energy security in remote Australia.

Five tips to avoid stalemates when negotiating financial covenants

Successfully negotiating financial covenants often requires some thinking “outside the box”.

Grand Theft Backhoe: PPSA, contractor insolvency and priority over construction equipment and materials

Four lessons to prevent a PPSA disaster happening to you.

Saving the world, one bank at a time

Global banking giants like Citi and JP Morgan have discovered the returns available in social finance and impact investment.

Policeman or post box? The role of facility agents in Australia after the Torre Asset case

It pays to be precise when drafting contractual limitations of what an agent can and cannot do.

Curbing the flight of the phoenix - New solutions are needed to address insolvency in the construction industry

Building company insolvencies are rife and state governments must act.

Infrastructure in Indonesia: Building the framework for effective PPPs

What needs to be done for public private partnerships to succeed in Indonesia?

Exit strategies in commercial relationships - Rethink after Andrews

Poorly drafted exit strategies risk being held unenforceable penalties. Does yours need a rethink?

Quick guide to establishing a presence in Indonesia

Indonesia is a vast emerging market. What are the choices for establishing a presence there?

Australia-Indonesia: Time for a closer future

Indonesia’s potential is vast and now is the time for genuine engagement.

When a security interest beats legal title - Only under the PPSA

Neglecting to register an interest under the PPSA could leave you wholly out of pocket.

Striking the balance: Financing PPPs with government contributions

How can governments maximise cost savings while retaining the risk transfer and performance incentives associated with private finance?

Environmental finance: A new way to finance your building retrofit

A new lending product is incentivising property owners to upgrade the environmental efficiency of their existing buildings.

Is there a better way to determine Libor?

Is the latest crisis in the banking sector enough to drive overdue reform of Libor?

The infrastructure deficit - Is Islamic finance part of the solution?

Australia’s “infrastructure deficit” is significant. Some estimate that, over the next decade, the difference between our infrastructure needs and available government resources could blow out to as much as $770 billion.

The break-up of the Eurozone? Implications for Australia

Hopes were high that a resolution to the European crisis could be achieved at last week’s EU summit. However, departure of one or more countries from the Eurozone is a real possibility. We consider what this means for Australia.

Eurozone crisis may have a silver lining for Australian infrastructure

The Eurozone crisis is of fundamental concern for global economic stability. How should Australia respond?

Our Experts

EMBLIN Ben CMYK 90x130

Ben Emblin

Partner Sydney +61 2 9210 6077
Brad Husband.jpg

Brad Husband

Partner Melbourne +61 3 9672 3492
Clare Corke.jpg

Clare Corke

Partner Brisbane +61 7 3228 9318

Eleanor Kwak

Special Counsel Melbourne +61 3 9672 3554
Henry Self.jpg

Henry Self

Partner Sydney +61 2 9210 6067
RUSSELL Megan website grey TH

Megan Russell

Special Counsel Sydney +61 2 9210 6477
OGRADY Patrick CMYK 90x130

Patrick O’Grady

Partner Sydney +61 2 9210 6100
Phillip Wilson.jpg

Philip Wilson

Consultant Perth +61 8 9460 1663
FIELD Rebecca website grey SIZED TH

Rebecca Field

Partner Perth +61 8 9460 1628
REID Simon website grey SIZED Thumbnail

Simon Reid

Partner Sydney +61 2 9210 6668