BSP and FNPF Finance Radisson Blu’s Newest Development.

BSP Financial Group (Fiji) Pte Limited (BSP) has entered into its first syndicated lending with the Fiji National Provident Fund (FNPF) to finance the development of the Radisson Blu Mirage Resort Fiji on Naisoso Island in Nadi. 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.

At the agreement signing ceremony held at FNPF board room in the presence of Deputy Prime Minister, Honourable Manoa Kamikamica, BSP Country Head Haroon Ali emphasised the strategic importance of this partnership with FNPF which is the second-largest shareholder of the BSP Group. “We are proud to be the lead agent in this inaugural arrangement with FNPF to deliver a syndicate loan facility as we enter into our first finance partnership to support this promising large development project undertaken by prominent property developer Mr. Bob Lowres through his company Relcorp (Fiji)”.

BSP recognise the importance of this project that will further support the tourism industry in terms of additional rooms required to meet the growing demand from increasing visitor arrivals. The development will also fuel the much-required economic growth over next two years.

“This deal exemplifies the combined strength of both the institutions to leverage resources and expertise to enable such large developments that foster Fiji’s economic progress”.

FNPF’s Chief Executive Officer Viliame Vodonaivalu said; “This partnership reflects FNPF’s strategic approach to diversifying our investment portfolio while delivering sustainable returns for our members.”

“FNPF remains committed to making prudent investments that generate long-term value for our members while contributing to Fiji’s economic growth in resilient and versatile sectors,” said Mr. Vodonaivalu. “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.”

“The strategic location of Radisson Blu Mirage Resort, on Naisoso Island, close to Nadi International Airport and other amenities, is a key attraction. The project has already attracted a strong pipeline of investors, with high presale numbers, all of which are positive indicators for the success of this venture,” added Mr. Vodonaivalu.

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. 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.

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.

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. 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.