Allens has advised the National Reconstruction Fund Corporation (NRFC) on its $120 million debt investment into Built Living, a joint venture between Built and Wesfarmers established to develop an advanced manufacturing facility in Western Australia, aimed at accelerating housing delivery across Australia.
Built Living manufactures high-quality modular and precast apartment components using Design for Manufacture and Assembly (DfMA) techniques and advanced manufacturing methods.
The investment by the NRFC is designed to support Australia’s manufacturing economy while helping to address the nation’s housing challenges. By enabling the production of modular and precast apartment components at industrial scale, Built Living is designed to deliver faster, more efficient housing supply backed by local manufacturing capability.
This transaction also included a bespoke warrant structure, requiring specialist advice across banking and finance, corporate and equity capital markets disciplines and reflects the NRFC’s mandate to support Australian industry through a range of innovative solutions, including by way of debt, equity, and guarantees.
‘Built Living demonstrates how strategic investment in advanced manufacturing can deliver meaningful outcomes for both Australia’s industrial economy and its communities. This transaction supports Australian manufacturing capability while accelerating the delivery of new homes to address housing supply pressures across the country’, said lead Partner, Lisa Zhou.
The transaction builds on Allens’ significant experience advising on development of critical infrastructure and Australia’s industrial capability. It also reflects the firm’s depth of experience in advising on the financing of initiatives in the housing sector, including advising on a series of affordable housing projects in Queensland and Western Australia.
