Financial close on Geelong convention centre precinct development PPP Project

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The Plenary Conventions consortium has achieved a financial close on the US$456 million Nyaal Banyul Geelong Convention and Event Centre precinct development project in Australia.

Situated on Wadawurrung Country along the Geelong waterfront, the center will feature a purpose-built convention and exhibition space, including a 1,000-seat venue, two large exhibition spaces, conference facilities, flexible event spaces, and meeting rooms with prime views of Corio Bay. It also involves private sector investments, including a US$120 million initial investment for Geelong's largest hotel (Crowne Plaza, 200 rooms), and an additional US$130 million for future education and commercial spaces in a mixed-use precinct. The convention center is part of a precinct partnership under the Victorian Government's infrastructure procurement framework, with Plenary Conventions responsible for financing, designing, constructing, and maintaining the facility for 25 years in collaboration with the Victorian Government, Geelong City Deal, the Australian Government, and the City of Greater Geelong.

The Plenary Conventions consortium comprises:

  • Plenary Group: sponsor, investor, and asset manager across all elements;
  • Built: Builder;
  • BGIS: facilities management services contractor; and
  • Woods Bagot: design and architecture lead.

Plenary is fully financing the convention center, hotel, and mixed-use precinct, with debt secured from ANZ, Westpac, and ICBC. The Victorian Government is contributing US$423 million, the Australian Government US$30 million, and the City of Greater Geelong US$3 million to the Nyaal Banyul Geelong Convention and Event Centre precinct. The project is part of the Geelong City Deal, with construction in progress and the center expected to be operational in 2026.

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