Herbert Smith Freehills has advised the Clean Energy Finance Corporation (CEFC) on its A$54 million financing of a sustainable residential development located in Northcote, Melbourne.
The 8 star housing development involves the construction and sale by property developer Metro of 74 semi-detached townhouses with market-leading sustainability features and low emission technology initiatives including electric vehicle infrastructure and low carbon building materials.
The Herbert Smith Freehills team was led by partner Melita Cottrell, senior associate Adam Roberts and solicitor Aadidev.
Adam Roberts said: "Congratulations to the CEFC on this milestone transaction, marking yet another success in leading investment in Australia's transition towards a low emissions economy. Herbert Smith Freehills has facilitated this sustainable residential development and we look forward to continuing to support the CEFC in the future".
Melita Cottrell added: "We are pleased to advise on this landmark investment in the sustainable development arena. We are thrilled to have assisted with the transaction which will embed a wide range of sustainable and clean energy initiatives into new residential developments".
This deal is another example of Herbert Smith Freehills' market-leading work in the property finance sector. Herbert Smith Freehills has advised the CEFC across a range of transactions in the past, including equity investment in the Adamantem Capital Fund II, in Macquarie Infrastructure and Real Asset's infrastructure platform, Mirvac's build-to-rent club, the Australian Renewables Income Fund, the Morrison & Co Growth Infrastructure Fund and the Investa Commercial Property Fund.
