Financial close for Aussie VCCC

Australia's Victorian government has reached financial close on its A$1bn Victorian Comprehensive Cancer Centre (VCCC) PPP.

Plenary Health, the winning bidder, achieved financial close with the project authority this week, acting as sponsor and financial arranger of the equity.

The banking group brought together to finance the project is made up of National Australia Bank, Export Development Canada, Mizuho Corporate Bank, The Bank of Tokyo-Mitsubishi UFJ, United Overseas Bank Limited, BOS International (Australia), Industry Funds Management, H.E.S.T Australia Limited and CARE Super Pty.

The project will be financed through a fully underwritten debt and equity package. Equity investors in the project are Plenary Group, vehicles owned by UniSuper Limited and vehicles advised by Partners Group AG.

“It is particularly pleasing to see Australian superannuation funds investing both debt and equity in the project as it reflected growing confidence in social infrastructure PPPs as an asset class, ” said John Pearce, UniSuper’s chief investment officer.

The VCCC Project will provide a purpose-built facility for centre in Parkville including a new home for the Peter MacCallum Cancer Centre, some cancer-related research space for Melbourne Health, some new cancer-related clinical facilities at The Royal Melbourne Hospital and space for cancer-related research from The University of Melbourne.

The 130,000 sq m facility will be built over 13 levels and includes two bridge links to The Royal Melbourne Hospital where the team will deliver a further 12,000 sq m of extensions and refurbishment.

Grocon/PCL construction will be in charge of the design and build and Honeywell will provide facilities management services for the 25-year deal.