Sydney-based land developer Clearstate has successfully completed its first major equity push raising $50 million in capital.
The injection, provided by an affiliate entity of US-backed global investment firm Avenue Capital Group, will boost Clearstate's development pipeline which is approaching 600 lots.
The capital raising was facilitated by EY Australia, who secured the partnership with New York-based Avenue Capital Group.
Clearstate, known for its land projects in Sydney’s north-west and south-west growth corridors, has also commenced projects in and around Melbourne.
Young rich lister and Clearstate managing director Dean Willemsen said the facility would help Clearstate “embark on a new era of expansion”.
Clearstate's current pipeline focus centres around addressing the sustained housing supply gap affecting affordability particularly in Sydney as well as other parts of Australia.
The capital facility will allow Clearstate to deliver over 1,700 additional homes to the Sydney, Melbourne and Brisbane markets.
“We want to assist those working hard to realise the Australian dream of owning their own home and will continue to look at innovative ways of making this happen,” Clearstate general manager Steve Barlow said.
The company’s latest project is based on Tallawong Road in Rouse Hill, located 45km north west of the Sydney CBD.
The project is located 10 minutes from the future Cudgegong Road Metro station, due to open next year as part of Sydney Metro Northwest.
Clearstate also has land releases at Alex Avenue in Schofields, Garfield Road Riverstone and the Candlebark estate in Box Hill.
Willemsen is also pioneering a pre-fabricated construction application to potentially allow customers to build a new home within 15 days.
The model, known as Heuga, aims to simplify and increase the speed of home building using off-site construction techniques popular in Europe.