NRF invests $120M in Wesfarmers housing venture
- National Reconstruction Fund makes a $120 million debt investment in Built Living.
- Funding backs a pilot precast apartment manufacturing facility in Western Australia.
- The project aims to produce 2,000 apartments annually to boost housing supply.
The National Reconstruction Fund has committed $120 million in debt financing to Built Living, a joint venture backed by Wesfarmers (ASX:WES), to fund a pilot advanced manufacturing facility in Western Australia.
The fresh capital funding expands on an earlier $100 million equity injection from Wesfarmers executed in May 2026.
"This project brings advanced manufacturing into the housing supply chain, lifting productivity and helping deliver more homes for Australians," said Minister for Industry and Innovation Tim Ayres.
Construction on the Neerabup plant will start in late 2026, creating 150 building jobs and 150 permanent positions while targeting output of 2,000 modular units annually.
The National Reconstruction Fund stated that the facility's modular building methods are expected to lower apartment construction costs by up to 20 per cent and speed up completion times by up to 50 per cent.
Following the announcement, the Wesfarmers share price was unchanged at $68.50.
The state government is also supplying land and a $20 million grant, alongside equity from developer Adrian Fini.
The venture aims to scale prefabricated concrete components for medium and high-density housing projects nationwide.
