Financial close for BC Hospital Redevelopment Project

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Financial close for BC Hospital Redevelopment Project

On 28 April 2014 Balfour Beatty, the preferred bidder for the BC Children's & BC Women's Redevelopment Project, has announced the financial close and the signing of the contract for the PPP project in Vancouver, Canada.

Ledcor is a full partner in the joint venture with Balfour BeattyLedcor will be contributing 30% of equity needed for the project, approximately CAD$8 million while  Balfour Beatty will invest the remaining 70%, approximately CAD$16.5 million.

The project cost is estimated at CAD$350 million. The project has been financed through a private placement arranged by Scotia Bank.

The Provincial Health Services Authority in British Columbia awarded the contract in January this year. The PPP (P3) project scope covers the design, construction, financing and facilities management for a new children's and women's acute care centre in Vancouver. Demolition of two wings of an old building and construction of the new facility will get underway this year with completion by 2017.

Balfour Beatty Investments and Ledcor Developments will finance the project and construction services will be delivered through a 50:50 joint venture between Balfour Beatty Construction and Ledcor Design Build. In addition, Balfour Beatty Communities and Black & McDonald Limited will participate in a 50:50 joint venture to deliver facilities management services over the 30-year concession period.

The Teck Acute Care Centre will be an eight-storey facility, approximately 59,400 sq.metres (640,000 sq. feet) in size. The new building will include medical/surgical inpatient units, an emergency department, medical imaging and procedural suites, hematology/oncology department and a pediatric intensive care unit for BC Children's. It also includes high-risk birthing and a new neonatal intensive care unit for BC Women's.

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