Plenary Health achieves financial close on New Footscray Hospital project
MELBOURNE, AUSTRALIA: The Plenary Health consortium has achieved financial close on the single largest health infrastructure investment in the State of Victoria, the $1.5 billion new Footscray Hospital.
The hospital is being delivered as a public-private partnership, with Western Health as the public operator of all clinical services and Plenary Health contracted by the Victorian Government to finance, design, construct, and maintain the hospital for 25 years following construction completion.
The Plenary Health consortium comprises
- Plenary Group as sponsor, investor and asset manager
- Multiplex as builder
- Honeywell and Compass Group as facility services providers; and
- Sojitz Corporation as investor
An integrated design team is led by Cox Architecture and Billard Leece Partnership.
Plenary Chief Investment Officer Paul Crowe said all consortium partners were honoured to be part of such an historic project.
“It is a rare privilege to deliver such a significant project, one that will ultimately transform access to health services in Melbourne’s west,” Mr Crowe said.
“In bringing this project to life, the community has always been our focus and we look forward to delivering this hospital for patients and families, for staff and the people of the western suburbs.
“We look forward to working closely with the Victorian Government and Western Health to deliver this much-needed and critical piece of health infrastructure.”
Equity financing is provided by Plenary (70%) and Sojitz (30%).
Debt is being provided by leading domestic and international banks NAB, Westpac, Mizuho, Norinchukin, Crédit Industriel et Commercial and Nippon Life.
Construction is expected to get underway shortly, and the new hospital is set to be completed in 2025.
About Plenary Group
Plenary is a leading independent long-term investor, developer and manager of public infrastructure with 19 assets under management in Australia worth more than A$23 billion – part of a global portfolio worth more than A$44 billion across Australia, Canada and the US. Plenary adopts a holistic approach to delivering projects that embraces finance, design and construction, commercial development, asset management and operations.
Multiplex is a premier, global construction company with offices in Australia, India, the UK, the Middle East and Canada. Established in Australia in 1962, it has delivered more than 1,000 projects with a combined value of US$80 billion. It has expertise across the residential, health, retail, commercial, tourism, education, engineering and infrastructure sectors.
Honeywell Building Technologies is transforming the way every building operates to help improve the quality of life. HBT is a leading building controls company with operations in more than 75 countries supported by a global channel partner network. Commercial building owners and operators use its hardware, software and analytics to help create safe, efficient and productive facilities. Its solutions and services are used in more than 10 million buildings worldwide.
About Compass Group
Compass Group is one of Australia’s largest food and support services company, employing more than 11,000 people in over 478 locations. Providing world-class food and support services to clients in Australia for more than forty years, Compass Group nourishes the bodies, minds and souls of thousands of people every day through food and support services focused on health and wellbeing.
About Sojitz Corporation
Sojitz is a leading trading and investment company consists 423 subsidiaries and affiliates located in Japan and throughout the world. Sojitz provides solutions to the project utilising global network and more than 150 years’ experience of coordinating projects in a broad range of sectors.