Financial close for A$630m New Bendigo PPP

The Exemplar consortium has entered a contract with the Victorian government to deliver a new hospital that will replace an existing facility.

Exemplar Health – which includes the likes of Lend Lease, Capella Capital and Siemens Financial Services – has reached financial close for the A$630 million (€500 million; $651 million) New Bendigo Hospital public-private partnership (PPP) in Australia.

A statement from Munich, Germany-based Siemens Financial Services said it would be investing 50 percent of the equity as well as participating in the senior debt for the design, construct, maintain and finance project.

In February, the tender for New Bendigo was reduced to two shortlisted consortia, with Exemplar up against Intercare. The latter comprised John Laing, RBS, Theiss and Theiss Services.

Among other things, the project will deliver: a new hospital in the Victorian city of Bendigo with 372 new beds and 10 new operating theatres; an integrated cancer centre and mental health unit; a helipad to be built on top of a new multi-story car park; and a bridge link to connect the car park to the main hospital site.

Media reports in Australia suggest construction is commencing now, with completion scheduled for 2016.

Victoria’s Minister for Health David Davis said in a statement: “The coalition government, through the public-private partnership and Best and Final Offer tender process, has driven a better deal, better value for money and additional amenities for the community of Bendigo and north-west Victoria.”