International law firm Ashurst has advised IFM Investors, Australian Super and Cbus, with Westpac as arranger, on their 10-year A$100m debt facility to Essendon Airport, the airport and business park owned by AFR Rich Listers Max Beck and Lindsay Fox. IFM Investors, Australian Super and Cbus join a syndicate of existing financiers to Essendon Fields.

The additional funding gives Essendon Fields greater certainty of capital over the long term and will enable them to continue with the development of the airport and the business park rollout.

The transaction is just one of several recently where Ashurst has acted as counsel to Australian super funds and foreign pension funds as financiers lending directly to Australia's corporate sector. As one of the leading banking and finance practices, the firm has witnessed the increasing diversification of corporate financiers (and with that, increasingly borrower friendly terms).

Commenting, partner Martin Coleman said:

"The direct lend into Essendon Airport by IFM Investors, Australian Super and Cbus demonstrates the growing role super funds can play in the current credit environment for the right corporate. It also highlights how much capital the super funds have at their disposal, and how they are increasingly looking beyond traditional investment strategies to generate a return for their members. This is the third significant direct Australian super fund lend in the past two months we have had the pleasure of advising on, with the others in the services and infrastructure sectors."

The Ashurst team was led by partner Martin Coleman (global loans), who was assisted by senior associate Madeleine de Garis and lawyer Anthony Pitruzzello.