As per a KWM statement, the consortium comprises Tetris Capital (as bid lead and financial adviser), Community Housing Limited (as equity provider and services provider), Icon Kajima (as builder), Citta Property Group (as development and property adviser) and the National Housing Finance and Investment Corporation (NHFIC, as financier).

Deal: KWM has acted as legal counsel on the Building Communities consortium’s successful bid for the design, construction, operations and financing of Homes Victoria’s Ground Lease Model Project.

Value: Undisclosed.

Area: Projects, finance.

Key players: The cross-practice KWM team was led by partners Jeff Clark, Tim Ma and Simone Menz, with assistance from senior associates Charles Westh and Stuart Alexander, and solicitor Georgia Mullins.

Deal significance: Homes Victoria’s Ground Lease Model Project is a public-private partnership. 

The project is scheduled for completion in early 2024 and is on track to deliver 619 new social housing, 126 affordable housing and 365 market rental dwellings across three sites in Brighton, Flemington and Prahran.

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The new housing will be delivered under an innovative ground lease model in partnership with Homes Victoria with the project expected to create an estimated 4,500 jobs, the statement from KWM noted.

“We are grateful for the opportunity to work with the Building Communities consortium on their successful bid to redevelop the Brighton, Flemington and Prahran sites,” lead partner Mr Clark added. 

“The innovative model developed with Homes Victoria will deliver a significant number of new social housing and affordable housing dwellings in combination with new market rental dwellings and address the critical housing needs within the local communities.”