THE Destination Brisbane Consortium, included casino operator The Star, have executed facility agreements for the $3.6 billion Queen’s Wharf integrated resort.
Construction at Queen’s Wharf Brisbane is continuing, and the project remains on time and on budget, The Star said. Four new towers are currently being built. Destination Brisbane Consortium is a joint venture between The Star Entertainment Group, and Hong Kong-based Chow Tai Fook Enterprises and Far East Consortium.
Receipt of $1.6 billion in project-level debt funding commitments for Queen’s Wharf was confirmed earlier this year.
ASX-listed The Star said the terms were agreed prior to the COVID-19 pandemic and reflect terms available in the market at that time.
Conditions precedent for the funding are expected to be completed in June, including relevant final approvals from the Queensland government.
The first draw-down is expected at the same time, before a more substantial draw-down to fund construction to commence in early in 2021.
Queen’s Wharf funding is for a period of five and a half years, which is expected to provide around three years of operating history before refinancing is required.
