Diversified property company Wolfdene Pty. Ltd. acquired a 100-hectare residential site in the Melbourne locality of Cranbourne South using funds obtained from a global syndicate of banks led by Japan's Nomura, The Australian Financial Review reported.
The loan, details of which have been kept under wraps, was organized by Deloitte Real Estate Transactions. AFR, citing industry sources, noted March 4 that the estimated cost of the Brompton project acquisition was "north of A$100 million."
Brompton could be redeveloped into a A$610 million project that will accommodate 1,400 homes, according to the paper. Prior to Wolfdene's acquisition, it is believed the development also caught the attention of Chinese developer Country Garden Holdings Co. Ltd., the paper added.
