Star lands $1.6b debt funding deal on Queen’s Wharf project
The developers of Brisbane’s Queens Wharf have got their hands on $1.6 billion in debt funding.
An artist's impression of the Queen's Wharf development. (Picture: State Development)
Star and its joint venture partners in the Destination Brisbane Consortium have now executed facility agreements for the development which is already under way in Brisbane’s central business district.
Star said the terms of the deal were agreed before the COVID-19 pandemic and therefore reflected terms available in the market at that time.
Conditions precedent for the QWB funding were expected to be completed in June 2020, including relevant final approvals from the Queensland Government.
The first draw-down on the QWB funding was expected to be in June 2020 in relation to facility and other fees, with more substantial draw-down to fund construction to commence in early 2021.
“The QWB funding is for a period of 5.5 years, which is expected to provide around three years of operating history before refinancing is required, and is recourse funding in proportion to the partners’ equity interests.
Construction at Queen’s Wharf Brisbane is continuing, with the project remaining on time and on budget.
