Lend Lease Consortium To Build A$2 Billion Sunshine Coast Hospital

   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 [e-mail]

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