A Warburg Pincus-backed real estate credit fund has committed A$380m (€210m) to Australian luxury apartment project developer DD Living.
The funding comes from the A$1bn Australian Real Estate Credit Vehicle established last year by the Sydney-based MA Financial and its partner, Warburg Pincus, which has invested through its real estate credit vehicle.
The funding will support the construction of the A$540m Burly Residences in North Burleigh, Gold Coast, South East Queensland, with completion expected in late 2027.
Drew Bowie, MA Financial’s managing director and head of real estate credit, said: “We’re seeing signs of a more constructive environment for real estate development, with improved confidence and stabilising costs. That’s opening more opportunities for private credit to step in and support projects that may have struggled to access traditional financing over the past 12-18 months.”
Rodney Norris, MA Financial’s investment director, asset management, said: “This transaction marks a significant milestone and lays a strong foundation for our growth strategy in Queensland, and we are committed to building on this momentum and delivering long-term value for our clients.”
David Devine, CEO and founder of DD Living, said: “The Real Estate Credit Vehicle and MA Financial Group syndicated financial backing comes at a time of strong growth and transformation for South East Queensland, as the region prepares to host the 2032 Brisbane Olympic Games.”
Adrian Parsons, managing director of Total Property, which is managing sales and marketing for Burly Residences, said there was a limited supply to meet surging interstate migration and infrastructure investment on the Gold Coast.
The 25-storey project will deliver 101 apartments.
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