BSP Financial Group (Fiji) Pte Limited has announced its inaugural syndicated lending partnership with the Fiji National Provident Fund (FNPF) aimed at financing the development of the Radisson Blu Mirage Resort Fiji, located on Naisoso Island in Nadi. This collaborative effort represents a significant milestone in their relationship as they establish a syndicated loan facility to support this ambitious project through senior and mezzanine debt.
During the agreement signing ceremony held in the FNPF boardroom, Deputy Prime Minister Manoa Kamikamica was present, where BSP Country Head Haroon Ali underscored the strategic importance of the partnership with FNPF, which is a major shareholder of the BSP Group. “We are proud to lead this inaugural arrangement with FNPF, facilitating a syndicate loan that enables a significant development project led by renowned property developer Bob Lowres through his company Relcorp (Fiji),” Ali stated.
Ali emphasized that the resort development plays a crucial role in bolstering Fiji’s tourism sector by providing much-needed accommodations to meet the rising demand from increasing visitor arrivals. He noted that the project is expected to stimulate substantial economic growth over the next two years.
The deal showcases the combined strength of BSP and FNPF in pooling their resources and expertise to drive developments that contribute to Fiji’s economic advancement. FNPF Chief Executive Viliame Vodonaivalu remarked that this partnership embodies FNPF’s strategic vision for diversifying its investment portfolio while ensuring sustainable returns for its members.
“This investment marks the Fund’s first of its kind, utilizing a blend of debt and hybrid instruments, including mezzanine debt and property ownership through strata titles,” Vodonaivalu explained. The strategic location of the Radisson Blu Mirage Resort, situated near Nadi International Airport and various amenities, is expected to attract a strong investor pipeline, as demonstrated by high presale numbers, which bode well for the project’s future.
Additionally, the Fund will own commercial spaces within the resort, including a restaurant, rooftop bar, spa, conference facilities, and retail outlets. These commercial areas are set to serve both hotel guests and local residents, creating an extra revenue stream for the Fund.
Once completed, the Radisson Blu Mirage Resort aims to be one of the South Pacific’s premier resort destinations, blending luxury with local character and sustainable practices to offer an enchanting experience for discerning tourists.
This development not only promises to enhance the tourism landscape in Fiji but also illustrates a progressive investment approach that balances financial viability with community benefits.
In summary, the partnership between BSP and FNPF to finance the Radisson Blu Mirage Resort signifies a strong commitment to economic growth in Fiji, enhancing the country’s appeal as a leading tourist destination while ensuring substantial returns for investors.
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