Australia's leading independent law firm, Corrs Chambers Westgarth, has advised Synergis on a major investment by Goldman Sachs into its disability housing fund.
Goldman Sachs has committed A$137 million into the deal with Synergis to develop an expanded portfolio of specialist disability accommodation dwellings backed by the National Disability Insurance Scheme (NDIS).
Corrs has also advised on previous investments made into the fund by HESTA, Paul Ramsay Foundation and Suncorp. The fund is managed by Social Infrastructure Investment Partners (SIIP), a joint venture of Social Ventures Australia and Federation Asset Management established for the purpose of investing in disability housing.
The Corrs team was led by partner, Fadi Khoury, with assistance from partners Rommel Harding-Farrenberg (Banking), Mark Payne and Jennee Chan (Tax), and Andrew Leadston (Real Estate).
Robert Clarke, Head of Corrs Financial Sponsors Group, said: "We are proud of the work being undertaken by Corrs in this space, led by Fadi Khoury and the broader team. It is an important and complex sector which requires innovative solutions to support our clients make a difference."
Lead partner Fadi Khoury said: "We are pleased to again work with SIIP on the expansion of their fund. The new investment provides further institutional support for this sector, which is expected to attract A$5 billion in investor funding in the near term. Combined with Government support by the way of annual NDIS payments, the sector is expected to create suitable housing across Australia for over 28,000 people with disabilities."
Michael Lynch, co-head of SIIP said: "Since being established two years ago, Synergis has built strong relationships in the industry and has committed to over 50 projects that will provide homes for over 150 people. The new investment enables us to scale up rapidly. We have the ability now to accelerate development of a property portfolio that is focussed on the needs of people with a disability and hopefully generate significant and measurable positive impact on their lives."
Jason Walter, co-head of SIIP said: "Our vision is to generate appropriate financial returns for investors, while making positive social impact and setting the standard for disability housing in Australia. Scaling Synergis with investment from Goldman Sachs will help us realise this vision. Over time we expect Synergis to deploy upwards of $1 billion into high-quality disability housing."
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