Astra Mining, an unlisted public Australian diversified mining company, has signed a joint venture agreement with Janayen Real Estate to develop and manage worker's accommodation facilities in Rockhampton, Queensland.
The agreement was made between Astra's subsidiary Astra Capricorn Investments Pty Ltd and Janayen Real Estate, a subsidiary of the Dubai-based Janayen Group.
Janayen Group is a global development management company specialising in guest worker accommodation, with expertise in property, project and facility management services.
The Rockhampton housing project has been established to complete 3,000 housing units for mining projects in the Bowen Basin. These units are estimated to return approximately 20% based per year based on market rental rates.
Dr Jaydeep Biswas, Astra CEO, said the JV will "enable the establishment of an entity which will be the master developer to, and manager of, projects involving developments suitable for the purpose of building, leasing and managing worker’s accommodation facilities on a commercial basis to house mining workers in Queensland, Australia.”
Astra and Janayen shall be responsible in securing debt/bond finance on behalf of the JV company for the construction costs associated with the development of the projects. Their equity interests are to be shared on a 50% each basis.
Astra and Janayen aim to have their JV equity interests listed through the Janayen Property Trust on the Singapore Stock Exchange within 24 months.