Consortium reaches close on Perth Stadium

A group of firms including John Laing and Brookfield Financial have announced financial close for the A$902m Perth Stadium and Sports Precinct.

The Westadium consortium, led by infrastructure investment firm John Laing and real assets-focused investment bank Brookfield Financial, have announced financial close for the A$902 million (€636 million; $839 million) Perth Stadium and Sports Precinct in Western Australia.

The consortium had been selected as preferred respondent in April 2014 for the design, build, partial finance and maintenance (DBFM) contract. It then entered exclusive negotiations with the state which have now reached agreement on all terms and conditions.

The new stadium will be built by Brookfield Multiplex and maintained by Brookfield Johnson Controls for 25 years. John Laing is investing in and managing the project, with debt financing provided by the Canadian Imperial Bank of Commerce (CIBC) and National Australia Bank.

The 60,000-seat stadium will host sporting and entertainment events and is expected to be completed in time for the start of the Australian Football League season in 2018. Designed by Cox Architects, Hassell, HKS and Arup, it will boast “future proofed” stadium technology including full wi-fi coverage.

Advisers on the project included: Clayton Utz (legal adviser to consortium); King & Wood Mallesons (legal adviser to bank finance); KPMG (tax and accounting); PRS (insurance); Turner & Townsend (technical); and Corality (model audit).