Mallesons has advised a consortium led by funds managed by Blackstone Credit & Insurance, Blackstone Tactical Opportunities, and Blackstone Real Estate Debt Strategies (Blackstone) on the A$36 billion financing of HSBC’s Australian home loan portfolio, one of the largest financings of its kind in the Asia-Pacific region. This transaction represents the largest home loan portfolio sale globally.
The financing reflects the growing role of private capital and asset-based finance in providing capital solutions that support Australia’s residential mortgage market.
Under the arrangements, Pepper Money Limited will act as servicing partner for the portfolio, supporting its transition from HSBC and maintaining continuity for borrowers.
The multidisciplinary Mallesons team was led by M&A Partners Henrik Moritz and Mark Vanderneut and Banking and Finance Partner Ian Edmonds-Wilson, along with Partners Kate Jackson-Maynes, Mandy Tsang, Lizzie Knight, Wayne Leach, Jennifer Barron and Bryony Evans, and Senior Associates Jessica Thiyavutikan, Natasha Costa, Amy Wang, Tom Haggerty, Shirly Zhang, Laura FitzGerald, Rouzbeh Ansari and Tash Venaik.
Commenting on the transaction, Mark Vanderneut said:
“This is a significant transaction for Australia’s residential mortgage market, combining global private capital with an established Australian servicing platform.
The scale of the portfolio, the financing structure and the number of stakeholders involved required careful coordination across a range of commercial, legal and regulatory workstreams.”
