HSF acted for Lighthouse Infrastructure on Key Worker Housing Acquisition and Financing
Regarding A$61 million investment with St George Community Housing (SGCH), Herbert Smith Freehills (HSF) has counselled
HSF acted for Lighthouse Infrastructure on Key Worker Housing Acquisition and Financing
Regarding A$61 million investment with St George Community Housing (SGCH), Herbert Smith Freehills (HSF) has counselled Lighthouse Infrastructure (Lighthouse) for the delivery of key worker accommodation in western Sydney.
An independent, supportable infrastructure fund manager, Melbourne-based Lighthouse Infrastructure concentrates on the unlisted renewable energy and social infrastructure sectors.
The acquisition of 76 new apartments in Parramatta targets its new investment. It involves and forms on its earlier loan of A$59m to SGCH that sponsored 85 houses for vital workers in the neighbouring suburb of Westmead. HSF also counselled Lighthouse on the Westmead investment.
The new housing is designed for the emergency services workers, health, education and allied sectors as part of the key-worker accommodation model. For the low and medium income employees, the rents will be charged 75 percent of market rates to promote greater reasonability.
With the support of solicitors, Nicholas Gerovasilis and Stephanie Simm, and partner Erin Wakelin, the Herbert Smith Freehills team was headed by partner Nicholas Carney.
They worked closely with managing directors Peter Johnston and James Hooper and Penelope Laletas, which comprises of Lighthouse's deal team.
"We were excited to work with Lighthouse Infrastructure once again to deliver this latest investment in partnership with SGCH," stated Nicholas Carney. "It is being proved that Lighthouse's previous investment in Westmead, along with SGCH, has established this pioneering funding model is justifiable and accessible. It delivered positive returns and growing access to reasonable housing for vital workers," he further mentioned.
To provide social and affordable housing projects, HSF has a long history of supporting private capital clients. Other recent examples include directing:
• In the Queensland Government's Housing Investment Fund, QIC and BHC in relation to their participation;
• In relation to the establishment of the A$1.1 billion NSW Social and Affordable Housing Fund FACS and NSW Treasury, on the nine transactions supported by the Fund
• In relation to Lighthouse Infrastructure's financing of specialist disability accommodation with Summer Housing