The Federal Government’s National Housing Finance and Investment Corporation (NHFIC), AXA IM Alts and community housing provider St George Community Housing (SGCH) are expected to deliver approximately 350 homes for key workers in Westmead, NSW.
NHFIC will provide a loan of approximately $150 million alongside funding from AXA IM Alts, acting on behalf of clients, for the Westmead housing project under the first stage of a broader financing commitment. SGCH will manage the housing delivered under the partnership with AXA IM Alts.
The new homes will include market and affordable build-to-rent dwellings. The development is located within the new Westmead Health and Innovation Precinct, one of the largest health, education, research and training precincts in Australia.
The new homes will include affordable housing, targeting key workers from the nearby hospital. Work is expected to start early next year with completion scheduled for 2025.
This is the first project with AXA IM Alts and SGCH under a broader $300 million financing commitment from NHFIC.
Since inception, NHFIC has approved $3.4 billion in funding for social and affordable housing through the Affordable Housing Bond Aggregator, supporting 39 community housing providers to deliver over 17,500 new and existing homes.
Under the Federal Budget, NHFIC, which will be renamed Housing Australia, will have the primary responsibility for delivering 40,000 homes through the Government’s new Housing Australia Future Fund and National Housing Accord, leveraging institutional capital to further develop a new asset class centred on investment in social and affordable housing.
SGCH is a Tier 1 community housing provider, with 7,000 properties across the Sydney metropolitan area providing homes for 11,500 people.
AXA IM Alts currently has €184 billion of assets under management and is a global leading alternative investment manager and a major community housing investor in Europe.