Norton Rose Group has advised Singapore SportsHub Consortium on the financial close of the largest sports facilities infrastructure PPP project in the world. The project will be Singapore’s and the region’s premier sports, entertainment and lifestyle hub. Financial close was reached on 25 August 2010 and the project is due for completion in April 2014.
The Singapore Sports Council appointed the Singapore SportsHub Consortium (“SSHC”) as preferred bidder in January 2008. The Consortium includes Dragages Singapore Pte Ltd (a member of Bouygues Construction group), HSBC Infrastructure Fund Management Ltd, United PREMAS Ltd and Global Spectrum Pico Pte Ltd with World Sport Group providing specialist sports procurement expertise.
The consortium will design, build, finance and operate the Sports Hub for the next 25 years and will begin demolition of the existing national stadium by October 2010.
Singapore infrastructure partner, Nick Merritt commented:
‘To reach financial close is an immensely satisfying achievement. To act for the Singapore SportsHub Consortium on this innovative project demonstrates the collective expertise and shared vision of the government and the Consortium.’
‘This project will cater to all levels, from children starting to play sports to elite athletes. It is intended to promote excellence in sport and bring together the Singaporean sporting community.’
Singapore banking partner, Jeff Smith commented:
‘SportsHub is the largest sports facilities infrastructure PPP project in the world. It will be a national and regional centre for sports and entertainment. I have no doubt that the world class facilities will attract an annual calendar of international events and will make a real difference by encouraging and promoting sport in Singapore and the region.’
Singapore Of counsel, Nicky Davies commented
‘Whilst this is a PPP it is not a traditional model. It has been an immensely complex transaction because of the design and build, facilities maintenance and operational aspects of the project. It will run as a business with multiple parties taking responsibility for different aspects of the commercial operation.’
Located on a 35ha site in Kallang, the Sports Hub will include the following facilities:
- A new 55,000-capacity National Stadium with a retractable roof;
- A 6,000-capacity indoor Aquatic Centre that meets world tournament standards;
- A 3,000-capacity multi-purpose arena which will be scalable and flexible in layout;
- 41,000 sq. mt. of commercial space;
- A Water Sports Centre; and
- The existing 12,000-capacity Singapore Indoor Stadium; and supporting leisure and commercial developments.
Nick Merritt, partner, led the Norton Rose Group team and was primarily assisted by banking partner, Jeff Smith and Of counsel Nicky Davies.
Singapore partner, Daniel Yong, led the corporate components of the project supported by Carla Macksey and Cai Si Xuan, and Singapore partner, KC Lye, advised on Singapore law aspects. Senior associate James Atkinson and associate Kirsty Nuttall provided debt capital markets advice, and senior associate Ferzana Haq advised on the subordinated notes. Support was also provided by Pamela Ng, Michelle Lee, Hannah Logan, Selene Tan, Simone Alphonse (Sydney), Fiona Slattery (Melbourne), Alex Cosgrove (Hong Kong), Adam Webster (Bahrain), Yeo Chuan Tat, Low Yuet Fen, Rhian Davies and Philip Schock.
Norton Rose LLP London banking partner, Mark Berry, and senior associate, Andrew Buisson provided specialist PPP advice alongside Norton Rose (Middle East) LLP partner Jonathan Brufal.
Specialist sports advice in relation to the selling of commercial sports rights was provided to the Singapore SportsHub Consortium by Jamie Singer, partner, at Onside Law Ltd.
Additional Singapore law and real estate advice was provided to the Norton Rose Group team by Rajah and Tann LLP.
Ashurst LLP is advising the eleven bank syndicate as lender’s counsel, led by partner Matthew Bubb.
Hogan Lovells Lee & Lee is advising the Singapore Sports Council, led by partner James Harris.
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