Financial close reached for Sydney's Convention Centre PPP

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Financial close reached for Sydney's Convention Centre PPP

Lend Lease announced that financial close has been reached with Infrastructure NSW (INSW) and the Sydney Harbour Foreshore Authority (SHFA) for the Sydney's Convention Centre PPP project.

The $A1 billion (US$909 million) PPP is to design, construct, finance, maintain and operate the convention, exhibition and entertainment facilities.

Chief Executive Officer of Darling Harbour Live, Malcolm Macintyre said:

This is the first PPP in NSW since 2008, with an estimated capital cost of circa $A1 billion. Reaching Financial Close is an important stage in the project delivery and it also gives the private sector a lot of confidence that the NSW Government is committed to attracting investment into the state and creating significant economic benefits though large scale development. This is further reflected in HOSTPLUS' decision to co-invest to help build the future and economic development of its own industry

From 9th December, after the existing convention and exhibition centre closes, Lend Lease will start site preparation works. During December, the team will work inside the buildings to remove interior fittings and disconnect services, followed by initial infrastructure works on Darling Drive and in Exhibition Place. After the Australia Day public holiday on Monday 27th January, hoardings will be erected around the existing buildings. Demolition works commence in February and will be completed mid-year, and then Lend Lease will start construction of the three world class facilities.

The PPP is being delivered in partnership by the NSW Government and the Darling Harbour Live project company comprising Lend Lease, Capella Capital, AEG Ogden and Spotless

Lend Lease will invest 50 % of the equity alongside the national industry superannuation fund for tourism and hospitality, HOSTPLUS.

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