CEDAR Woods Properties (ASX: CWP) has extended its three-year $110 million corporate finance facility by an additional 12 months to 30 November 2015.
In addition, Bankwest, a division of Commonwealth Bank of Australia, will join ANZ Bank in providing the finance facility to the company on a joint basis.
Managing director Paul Sadleir said the club facility will continue to provide funding for Cedar Woods’ existing operations, ongoing development of its projects and future acquisitions, and provides the company with secure access to competitively priced long-term funding.
“At inception, ANZ consented to be the initial lender. The company has now brought in Bankwest pursuant to this plan to diversify and strengthen its financier support base.
“We have worked with the Bankwest team over a number of years in relation to the financing of developments at Rockingham and Wellard and we are very pleased to introduce Bankwest to our club facility,” he added.
Property Review
