DEVELOPER Cedar Woods has secured an additional year and $30 million to its bank facility as it looks to further its expansion into South Australia.
The club facility now totals $205 million and runs through to the end of November 2020, and is provided by ANZ and Bankwest on a joint basis.
Cedar Woods said the facility would continue to provide funding for its “existing operations, ongoing development of its projects and future acquisitions, and provides the company with secure access to competitively priced, long-term funding”.
Last month it received approval from the State Planning Commission for the first stage of its $400 million, 1,000-home estate on the former site of the Glenside Hospital in Adelaide’s inner east.
The company started the 2018 financial year with an increase in pre-sales of 35% over the September quarter, at $310 million.
Australian Property Journal
