METRO PROPERTY LANDS $65M FUNDING DEAL
Written on the 30 September 2015
METRO Property Development has secured a $65 million corporate financing deal with Credit Suisse, to capitalise on growth opportunities.
The developer and builder will also use the funds to manage ongoing capital needs across its pipeline of residential projects valued at $2.9 billion.
The deal comes off the back of a number of project launches that attracted more than $1.3 billion of pre-sales, including Brisbane Casino Towers, Laguna and St Tropez across the river city. This is in addition to The Lincoln, South Yarra and Highbury Townhomes in Melbourne.
Metro CEO Luke Hartman says the company plans to build on this momentum with more project launches planned along the east coast.
"We are delighted to be partnering with Credit Suisse for the next phase of our growth," Hartman says.
"Through our valued partnership and additional financing, we are well positioned to take advantage of the opportunities we see across our markets."
Credit Suisse managing directors Angelo Scasserra and Matthew Tehan say the financial services company is committed to funding high-quality real estate businesses.
"We are very pleased to be partnering with Metro and its experienced management team, who have developed a market-leading position in the residential real estate sector."
Metro has delivered more than 5000 apartments, townhouses and homes across Australia since it was established in 2010.