Simpson Grierson's Banking & Finance team has advised Private Capital Group on unitranche financing for Gillies Group’s Plimmerton Farm development.  Private Capital Group’s funding will deliver critical infrastructure for the project including largescale earthworks, wastewater, stormwater, power and roading.

Plimmerton Farms is a 380-hectare master-planned greenfield development located north of Porirua, earmarked to deliver around 2,200 residential lots across three precincts over the next decade. 
The Plimmerton Farm transaction is expected to be among the largest residential development financing deals in New Zealand this year by both scale and quantum.

The project is a key component of Wellington's future growth corridor and has been designed around a denser, more diverse housing mix, with homes, parks, schools and commercial spaces within walkable distances. 

Since its establishment in 2018, the site has been rezoned for urban development and is intended to address the acute housing shortage in the Porirua and Wellington region while delivering ecological and community benefits.

Our Banking & Finance partner Josh Cairns said the deal reflected the scale of ambition behind the Plimmerton Farm project and illustrated what well-structured private credit, arranged by Private Capital Group, can achieve.

"This is a genuinely significant transaction for the Wellington region. Plimmerton Farm has the potential to meaningfully address the housing shortage north of Porirua, and we're proud to have supported Private Capital Group in structuring the financing to make that possible. 

“It's the kind of deal that will have a real and lasting impact on the community, something both we at Simpson Grierson and the Private Capital Group team are excited to be a part of," says Josh.

The Simpson Grierson team was led by Banking & Finance partner, Josh Cairns with support from Senior Associate, Matt Brew, Senior Associate, Matt Mazenier, Solicitor Katie Daly and Solicitor Pippi Priestley King.