Healthscope has reached financial close on the Northern Beaches Hospital project in Sydney.
A debt package for the $1bn project has been signed with a group of Australian and international banks. The design, construction and delivery capital expenditure will be approximately $640m, with a further approximately $200m of costs to be capitalised in relation to finance, transaction and other costs.
The project’s financing arrangements fall within Healthscope’s existing senior debt facility, and no equity raising will be required in relation to the project.
Healthscope reached contractual close with the New South Wales Government to design, build, operate and maintain the new 488-bed hospital in December 2014.
Construction is scheduled to commence in February 2015 and the hospital is scheduled to become operational in December 2018.
Meanwhile, AMP Capital has reached financial close on a deal to acquire a 100% interest in Sydney’s Royal North Shore Hospital and Community Health Services PPP from RBS.
AMP Capital will own the asset until October 2036. More than 70% of the equity will be acquired by AMP Capital’s Community Infrastructure Fund (CommIF), with the remainder from AMP Capital-managed investors.
AMP Capital was advised by BTMU.