Australia’s Star Entertainment Group has secured AU$1.6 billion in funding for completion of its AU$3.6 billion Queen’s Wharf (QWB) development in Brisbane.
While terms for the funding were agreed prior to the COVID-19 pandemic hitting Australian shores, Star confirmed in a Friday filing it had now executed facility agreements for the QWB Funding on terms previously agreed.
With conditions precedent expected to be completed in June 2020, Star will complete its first draw-down next month with more substantial draw-downs to fund construction to commence in early 2021.
“The QWB Funding is for a period of 5.5 years, which is expected to provide around three years of operating history before refinancing is required, and is recourse funding in proportion to the partners’ equity interests (50% to The Star),” the company said.
The Queen’s Wharf Brisbane is 50% funded by Star Entertainment Group and 25% each by its Hong Kong-based partners, Chow Tai Fook and Far East Consortium.