By Ray Brindal
CANBERRA--Property developer and construction concern Lend Lease
Corp. (LLC.AU) said Wednesday it is part of a consortium selected
by Queensland Health to build the A$2 billion Sunshine Coast
University Hospital.
Lend Lease and the Exemplar Health consortium will work with
Queensland Health in a public private partnership to design,
construct, maintain and finance the 738 bed tertiary level
hospital, with stage one scheduled for completion in late 2016 and
further stages planned for commissioning in mid 2018 and mid 2021,
the company said in a statement.
Lend Lease's project management and construction business will
design and construct the hospital while its infrastructure
development business, Capella Capital, will act as financial
advisor to the consortium, it said. Lend Lease will invest 50% of
the equity, while Siemens AG (SI) also said it will invest 50% of
the equity and participate in the senior debt.
The company's Chief Executive Steve McCann said he expects
financial close on the project to be reached by the end of this
month after which construction will start.
Shares in Lend Lease rose after the announcement. At 0515 GMT,
they were up 1.8% at A$7.91.
-Write to Ray Brindal at ray.brindal@wsj.com
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