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Disability housing fund receives landmark $137m investment
Synergis has been advised on a $137 million injection into its disability housing fund, contributed by Goldman Sachs.
Lauren Croft
Firm: Corrs Chambers Westgarth (Synergis).
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Deal: Corrs has advised investment fund Synergis on a $137 million investment from Goldman Sachs into its disability housing fund.
Area: Investments.
Value: $137 million.
Key players: The Corrs team was led by partner Fadi Khoury with assistance from partners Rommel Harding-Farrenberg, Mark Payne, Jennee Chan, and Andrew Leadston.
Deal significance: The landmark investment will help develop an expanded portfolio of specialist disability accommodation dwellings backed by the National Disability Insurance Scheme (NDIS).
Corrs has also advised on previous investments made into the fund by HESTA, Paul Ramsay Foundation, and Suncorp. The fund is managed by Social Infrastructure Investment Partners (SIIP), a joint venture of Social Ventures Australia and Federation Asset Management established for the purpose of investing in disability housing.
Robert Clarke, head of Corrs financial sponsors group, said that the firm is “proud of the work being undertaken by Corrs in this space, led by Fadi Khoury and the broader team. It is an important and complex sector which requires innovative solutions to support our clients to make a difference”.
Lead partner Fadi Khoury commented: “We are pleased to again work with SIIP on the expansion of their fund. The new investment provides further institutional support for this sector, which is expected to attract $5 billion in investor funding in the near term. Combined with government support by the way of annual NDIS payments, the sector is expected to create suitable housing across Australia for over 28,000 people with disabilities.”
Michael Lynch, co-head of SIIP, said: “Since being established two years ago, Synergis has built strong relationships in the industry and has committed to over 50 projects that will provide homes for over 150 people. The new investment enables us to scale up rapidly. We have the ability now to accelerate development of a property portfolio that is focused on the needs of people with a disability and hopefully generate significant and measurable positive impact on their lives.”
