SERV delivers on first project financing with assist from Allens

Allens has assisted Secure Electronic Registries Victoria (SERV) on its first-ever project financing.

The company refinanced its $2bn debt facilities, which consisted of replacing a term loan facility that was provided by SERV parent company Aware Super when it was acquired, with bank debt from a lender syndicate.

“This refinancing demonstrates the strong appeal of core and core-plus digital infrastructure assets like land registry businesses to institutional lenders, due to their long-term, stable, and predictable cash flows,” Allens lead partner Nicholas Adkins said.

On this transaction, Adkins worked with senior associates Sarah Denton and Steven Faulkner, associate Campbell Halliday, and law graduates Yukimaro Ii and Lachlan Martin from the banking and finance team. Partner Phil O'Sullivan and senior associate Maddison Ryan from the TMT team pitched in as well.

SERV presently holds an exclusive 40-year operating concession to administer land registry services for the Victorian Land Titles Office; this concession was picked up from the Victorian government in 2018.