Brookfield beats Balfour Beatty for Canada courthouse PPP

A consortium comprised of Brookfield Financial and Morguard has been selected preferred bidder for an Ontario courthouse project, beating out rival consortia led by UK developers Balfour Beatty and Carillion.

A joint venture between Brookfield Financial Corporation and Canadian real estate company Morguard Corporation has been selected as the preferred bidder for a courthouse public-private partnership in Ontario, Canada.

The consortium, called Brookfield Partnerships Quinte, will be responsible for the design, financing, construction and maintenance of the new courthouse, according to a statement from Infrastructure Ontario, the province’s infrastructure procurement agency.

The new courthouse will consolidate the Ontario Court of Justice and the Superior Court of Justice, which currently operate in four separate locations. Construction is expected to begin this summer.

Other bidders for the project included a consortium led by UK developer Balfour Beatty and a consortium comprised of VG Toronto and UK developer Carillion, according to the Canadian database for public-private partnerships.

Brookfield Financial is a partner in the preferred consortium and also acted as financial advisor to the consortium, according to the project database.

Financing for the project will be provided by TD Bank and Canada Life.

Brookfield Financial is a wholly-owned investment banking subsidiary of Toronto-based Brookfield Asset Management (BAM). It recently advised Forum Equity Partners and the Ontario Pension Board on their winning bid for a C$247 million (€177.5 million; $259 million) contract to construct a prison near Windsor, Ontario.

BAM has over C$100 billion of assets under management and manages infrastructure funds including the publicly-traded Brookfield Infrastructure Partners fund and the unlisted Brookfield Americas Fund, which closed on $2.7 billion last year.