IPEX appointed by industry heavyweights Frasers Property Australia and BlueScope
IPEX – the industry-leading online payments platform that protects project funds and offers payment security to the construction industry – has been appointed by ASX-listed manufacturer BlueScope, and Frasers Property Australia, a multinational investor, developer and manager of real estate, to apply IPEX’s payment framework to the funds for landmark projects in Melbourne and Sydney.
Through the two projects, valued at more than $100 million dollars will be protected and distributed under IPEX’s payment framework, which improves builder liquidity, reduces the impact of insolvencies, protects developers and lenders and helps safeguard against subcontractor non-payment.
“When we created IPEX, it was with a vision to change the way the construction sector thinks about insolvency, trust and security. To do so, we knew we’d need true industry leaders to buy into that vision, and the framework to deliver it. Few are bigger and more influential than BlueScope and Frasers,” commented Jake Porteous, IPEX Founder. “Being appointed to apply the IPEX framework to both projects is a privilege, and an endorsement that they share our vision for a more secure future. The projects are hugely important to local communities, collectively creating both jobs and homes. We’re proud to work with BlueScope and Frasers, who are passionate about construction in Australia, and ensuring that every project – including these two – is managed securely.”
Frasers has appointed IPEX – which provides full financial oversight and accountability in addition to advanced payment security – to oversee funds for a major development in Melbourne.
“At Frasers, we take our commitment to every project, and every investor, builder, subcontractor, supplier, and customer we work with seriously. We are excited to onboard IPEX on our project. The framework provides us with the security that payments are used for their intended purpose and there is full accountability and transparency over the budget for a project.” Sarah Bloom, General Manager Development Victoria, Frasers Property Australia, added.
Meanwhile, BlueScope will use IPEX for the $415 million expansion of its Western Sydney Service Centre at Erskine Park NSW. The project is expected to be fully commissioned and operational before the end of 2025. It will increase its capacity to manufacture critical steel building and construction products.
IPEX’s appointment in mitigating financial risk comes as insolvencies in Australia continue to surge. According to Australian Securities and Investments Commission (ASIC) data, 2,170 construction businesses entered administration in FY2022-23; 69% more than in FY2021-22 and 20% more than the previous high in FY2013-14. Already in the new financial year, external administration appointments jumped to 943 – 36% higher than the same stage last year – according to data released on 9 October.
Currently, IPEX has over AUD$720 million in projects under management, on behalf of clients such as MAB, Winim, Spyre Group, Fortis, INGWE Capital, Kervale and Nash Management, with a positive intent pipeline of over AUD$3 billion over the next 12-24 months. Today, IPEX has over 1,000 users nationwide.
