Aussie hospital reaches close
The Exemplar Health consortium comprising Lend Lease, Siemens, Capella Capital and Spotless was awarded the 25-year contract to design, build, finance and maintain the hospital buildings in Queensland in July.
Siemens Financial Services is investing half of the equity of the project, and will also participate in the senior debt. Lend Lease is providing the other half of the equity. Debt funders also include NAB, Westpac and Mizuho.
"The Sunshine Coast University Hospital is an important step in further strengthening our healthcare portfolio," said Anthony Casciano, CEO of the Project and Structured Finance Healthcare unit of Siemens Financial Services. "To enable this project, we will provide comprehensive and tailor-made financial solutions combining equity and debt."
The hospital will open with 450 beds in 2016, increasing to 738 beds by 2021 and will be the biggest hospital building project in Australia when construction begins in 2013.
The project team advising Lend Lease Project Management & Construction was led by DLA Piper Australia Finance & Projects partner Alex Guy. "It represents the fourth PPP deal that our Australian team has closed in the last 13 months which is an exceptional achievement," he said.