A local residential property developer and builder has received a $65 million corporate financing facility from Credit Suisse.
Metro Property Development, an Australian residential developer and builder, will use the proceeds from the financing to fund growth opportunities and the ongoing working capital needs of the group.
Metro has one of the largest residential development pipelines in Australia, with 46 projects valued at more than $2.9 billion.
A number of recent project launches have contributed to more than $1.3 billion of pre-sales across the groups, including Brisbane Casino Towers, Laguna and St Tropez in Brisbane and The Lincoln, South Yarra and Highbury Townhomes, Footscray in Melbourne.
Metro intends to build on this momentum with additional project launches across the Australian east coast.
“We are delighted to be partnering with Credit Suisse for the next phase of our growth,” Metro CEO Luke Hartman said.
“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, said the bank is committed to funding high-quality real estate businesses with attractive growth prospects.
“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,” they said.
Metro Property Development is an integrated residential property developer and wholesale homebuilder with a national platform.
Since Metro was established in 2010 by David Devine and business partners Ken Woodley and Luke Hartman, it has delivered and sold more than 5,000 apartments, townhouses and homes across Australia.