Construction completed for British Columbia prison P3
- Brookfield Financial Corporation
- Brookfield Infrastructure - Brookfield Asset Management
- Forum Equity Partners
- PCL Constructors
On February 5th 2014, a new high-security prison has been built in British Columbia, Canada, using a Public private partnership (P3) model.
The 216-cell Surrey Pretrial Services Centre Expansion (SPSCE) was officially opened, doubling the centre's existing capacity.
The project cost was CAD$90 million (US$81.5 million). The project involves, besides the construction of 216 high-security inmate cells, a renovations to the existing 149-cell pretrial services.
The project completes the CAD$185 million (US$168 million) first phase of British Columbia's historic capital plan to enlarge its correctional facilities. The expansion project accounts for nearly two-thirds of the 340 cells built to date under the capital plan.
On March 24, 2011, Brookfield Partnerships Surrey, a consortium formed by Brookfield Financial Corp. and Forum Equity Partners Inc., was named the preferred bidder for the project. On June 13, 2011, the Province signed the agreement with Brookfield Partnerships Surrey to deliver the SPSCE. The project was developed on a design, build, finance and maintain (DBFM) basis, the contract is for a period of 32.5 years, which includes 2.5 years of construction.
Financing for the project was provided by The Canada Life Assurance Company, which was represented by Fasken Martineau DuMoulin LLP. Financial Close was also achieved in June 2011.
Work on the second phase of BC Corrections' capital expansion plan is underway, with a preferred proponent for the new, 378-cell Okanagan Correctional Centre having been announced on January 10, 2014.