Herbert Smith Freehills has advised the successful bidder, Exemplar Health, on the Public Private Partnership (PPP) to design, build, finance and maintain the Bendigo Hospital.
The Exemplar Health consortium, consisting of Capella Capital Pty Ltd, Siemens and Lend Lease Project Management and Construction, achieved financial close for the project on 29 May 2013, following a competitive bid process run by the Department of Health and Bendigo Health. Hebert Smith Freehills advised Exemplar Health throughout the competitive bidding process and continued negotiations to reach contractual and financial close.
The $630 million Bendigo Hospital features new facilities and a redevelopment of the existing hospital. The largest regional hospital development in Victoria to date, the finished hospital will include 372 in-patient beds, 10 operating theatres, an integrated cancer centre, a mental health unit and a helipad in addition to a mix of commercial developments.
The successful bid by Exemplar Health included a mix of debt and equity financing, with a project finance debt package committed by local and overseas banks. Lend Lease Project Management and Construction will construct the hospital, with Spotless Facility Services Pty Ltd providing facilities management once construction is completed. The State will retain the provision of medical services through Bendigo Health.
The core Herbert Smith Freehills team was led by Partners Josh Sgro (overall lead) and Erin Wakelin (finance). Lawyers supporting the transaction included Senior Associates Chris Munro and Erin Wyeth, and Solicitors Cassidy Prent, Chris Floreani and Joyce Cunningham.
Josh Sgro commented that: “Herbert Smith Freehills has a strong relationship with Capella Capital and Lend Lease, and we are very proud to have assisted them, Siemens and the other consortium members on this complex PPP project. We look forward to working with all the stakeholders on the development of this landmark project.”
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