$70 million in debt finance granted to Hines’ T3 Collingwood project
Image credit: Hines
The Clean Energy Finance Corporation (CEFC) has granted $70 million in debt finance to Hines’ T3 project – making it the first project to be financed through the specialist CEFC Timber Building Program.
The $70 million investment from CEFC matches funding from Madigan Capital, with Hines funding the remainder of the project. It marks Hines’ first foray into the Australian market.
Designed by Jackson Clements Burrows, the T3 office tower will be 15 stories high and constructed using Hines’ T3 strategy – which stands for timber, transit and technology.
It will deliver a dual emissions reduction result by cutting embodied carbon levels by up to 40% during construction, and net zero emissions once operational.
Design features will include:
- Premium end-of-trip facilities
- Common social areas
- Public third-space activation
- Large tenant terraces
XLam Australia and Australian Sustainable Hardwoods will provide 4,000 cubic metres of timber for the project.
The $300 million CEFC Timber Building Program provides debt finance to eligible projects to encourage mass timber construction across the property industry. It aims to substantially cut construction-related emissions – providing greener alternatives to traditional construction materials.
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