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Contractual close on Darling Harbour district
Contractual close has been reached on the redevelopment of Sydney's Darling Harbour international convention, exhibition and entertainment precinct, according to Herbert Smith Freehills.
The law firm advised the Darling Harbour Live Consortium which includes industry super fund, HOSTPLUS as well as Capella Capital, Lend Lease, AEG Ogden and Spotless, in the successful bid to finance, design, plan, build, maintain and operate the new district.
The convention, exhibition and entertainment project will be delivered through a public private partnership (PPP) model between Darling Harbour Live and Infrastructure NSW, with financial close expected for late 2013.
"Darling Harbour Live will build Australia's first fully integrated facilities to ensure Sydney secures the number one event location, and undertake a major urban renewal project that will benefit the entire city," said Herbert Smith Freehills partner, David Templeman.
"The completion of this agreement with Darling Harbour Live is a major milestone on this complex PPP project and we look forward to working with all the stakeholders on the development of this exciting project."
HOSTPLUS announced it had won a NSW Government bid to deliver the project, providing 50 per cent of the equity alongside Lend Lease, last December.
HOSTPLUS chief executive David Elia said there was compelling logic to infrastructure investment which delivered solid, secure returns to investors while expanding the nation's economic capacity and boosting productivity.
"It demonstrates the virtuous circle of HOSTPLUS' role in infrastructure investment - securing superannuation returns for its members, coupled with the development of tourism and hospitality infrastructure which create jobs that expand the nation's economic capacity," he said.
Separately, Lend Lease was also successful in its bid to finance, design, plan and build the associated hotel and commercial redevelopment.
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