RADISSON Blu Mirage Resort Fiji recently announced the commencement of full-scale construction on the luxurious resort located on Naisoso Island, supported by financing from the Fiji National Provident Fund (FNPF) and BSP Financial Group (BSP). This $250 million project marks a significant development milestone and aims to provide high-quality waterside living through a collection of new one, two, and three-bedroom apartments.
Bob Lowres, managing director of Relcorp (Fiji), expressed his enthusiasm about securing funding from such prestigious institutions, stating that it underscores the project’s potential. The collaboration between BSP and FNPF is expected to reshape project financing in Fiji, with BSP’s country head Haroon Ali highlighting the strategic importance of this partnership to foster economic progress through significant developments.
The financing is characterized by a syndicate loan facility that combines senior and mezzanine debt, an innovative approach for both institutions. FNPF, investing around $100 million, will hold about 43% equity and provide commercial areas in the resort, including a restaurant, spa, and retail outlets.
This financing collaboration is particularly noteworthy as it represents the first syndicated loan deal between BSP and FNPF, paving the way for more substantial projects in the future, especially in tourism, which is crucial for Fiji’s economy. Lowres emphasized that the new financing model will enable similar developments, reducing the challenges typically encountered in funding large projects in Fiji.
Upon completion, the Radisson Blu Mirage Resort is expected to feature 144 luxury apartment units, of which approximately 80% have already been pre-sold. The resort will provide world-class amenities, enhancing the attractiveness of Fiji as a prime tourist destination.
In summary, this development not only promises luxury accommodations but also signals a positive shift in project financing strategies in Fiji, potentially unlocking further economic opportunities in the region. The proactive collaboration between significant financial entities marks a hopeful turning point for future investments in the island nation, promoting sustainable growth in tourism and real estate sectors.
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