In a bid to improve service delivery, the BSP Financial Group Limited has entered into its first syndicated lending with Fiji National Provident Fund to finance the development of the Radisson Blu Mirage Resort Fiji on Naisoso Island in Nadi.
BSP Country Head Haroon Ali says this collaboration marks a pioneering step in their relationship, as they establish a syndicated loan facility aimed at supporting this landmark project through senior and mezzanine debts.
He says they are proud to be the lead agent in this inaugural arrangement with FNPF to deliver a syndicate loan facility as they enter into their first finance partnership to support this promising large development project undertaken by prominent property developer Bob Lowres through his company Relcorp Fiji.
Ali stresses that BSP recognises the importance of this project which will further support the tourism industry in terms of additional rooms required to meet the growing demand from increasing visitor arrivals.
He says this deal exemplifies the combined strength of both institutions to leverage resources and expertise to enable such large developments that foster Fiji’s economic progress and the development will also fuel the much-required economic growth over the next two years.
FNPF’s Chief Executive Officer Viliame Vodonaivalu says this partnership reflects FNPF’s strategic approach to diversifying their investment portfolio while delivering sustainable returns for their members.
Vodonaivalu says FNPF remains committed to making prudent investments that generate long-term value for their members while contributing to Fiji’s economic growth in resilient and versatile sectors.
He says this is the first investment of its kind for the Fund, combining debt and hybrid instruments, including a mezzanine debt facility and property ownership via strata titles.
Vodonaivalu adds the strategic location of Radisson Blu Mirage Resort, on Naisoso Island, close to Nadi International Airport and other amenities, is a key attraction.
He says the project has already attracted a strong pipeline of investors, with high pre-sale numbers, all of which are positive indicators for the success of this venture.
Furthermore, the Fund has also acquired commercial areas within the resort, comprising a restaurant, rooftop bar, spa, conference facilities, and retail outlets, which will be owned through strata titles.
He says the commercial areas will cater to guests of the Radisson Blu-branded hotel and residents of the Naisoso community, creating an additional revenue stream for the Fund.
Vodonaivalu says this project will become one of the South Pacific’s most distinguished resort destinations offering a blend of luxury, local character, and sustainable principles to create a captivating environment for discerning visitors.
He says upon completion, the Radisson Blu Mirage Resort will feature 144 luxurious apartment units for individual ownership, of which approximately 80% have already been pre-sold, indicating strong market demand.
He says the development will include commercial areas and promises five-star amenities, including a restaurant, rooftop bar, spa, conference facilities, and retail outlets to provide world-class accommodations for guests.
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