THE finance has finally come through for Sirona Capital.
The Kings Square developer this week announced that $90-billion superannuation fund First State had put up $190 million to complete the project.
First State chief investment officer Damian Graham says with WA being at the bottom of a property cycle and business confidence improving, it was a good time to dip into the market for the first time.
“This is our first major investment in Western Australia and will form a valuable part of our property investment portfolio,” Mr Graham said.
Sirona managing director Matthew McNeilly said the big banks had knocked back the opportunity and seemed downbeat about WA’s economy.
“Our banks probably don’t look at maturities beyond five years, and generally in WA they seem to be more around the three year mark,” Mr McNeilly said.