- Consortium will be led by Plenary Health
- Financial close was delayed thanks to multiple pandemic lockdowns
A new $1.5 billion hospital in Footscray has achieved financial close.
The hospital, which will be the single largest health infrastructure investment ever in Victoria, will consist of a consortium led by Plenary Health.
Plenary Group will have three hats being the sponsor, investor and asset manager.
Multiplex will be the builder, Honeywell and Compass Group will be the facility services providers with Sojitz corporation also being an investor.
Plenary will have 70% of the equity financing with Sojitz having the balance.
Cox Architecture and Billard Leece Partnership will lead an integrated design team.
Paul Crowe, Plenary Chief Investment Officer, said all consortium partners for the historic project were honoured.
“It is a rare privilege to deliver such a significant project, one that will ultimately transform access to health services in Melbourne’s west,”
“In bringing this project to life, the community has always been our focus and we look forward to delivering this hospital for patients and families, for staff, and the people of the western suburbs.”
“We look forward to working closely with the Victorian Government and Western Health to deliver this much-needed and critical piece of health infrastructure.”
Paul Crowe, Plenary Chief Investment Officer
Allens Partner David Donnelly, who led the team that advised Multiplex on the successful close, said he was proud of the result especially taking into consideration the multiple lockdowns during the process.
“From a contracting perspective, the project moves the market on a number of risks, and that is a testament to a lot of hard work and dialogue through the process.”
The hospital is set to open in 2025 with construction beginning soon.