8 April 2013
Lend Lease has announced that contractual close has been reached with the New South Wales government on the Sydney International Convention, Exhibition and Entertainment Precinct (SICEEP) in Darling Harbour, Sydney.
The A$1bnÂ PPP is to design, construct, finance, maintain and operate the convention, exhibition and entertainment facilities, and the agreement is conditional on planning and other relevant approvals.
The consortium consists of Lend Lease, HOSTPLUS, Capella Capital, AEG Ogden and Spotless.
New precinct to replace current convention centre
Lend Lease will perform the design and construction and Lend Lease’s infrastructure development business, Capella Capital, will act as PPP development manager and financial adviser to the consortium.
Lend Lease will invest 50% of the equity alongside the national industry super fund for tourism and hospitality, HOSTPLUS, with debt being provided by a syndicate of local and overseas banks.
The agreements have been executed with Infrastructure NSW, the agency managing the redevelopment on behalf of the NSW government, and the Sydney Harbour Foreshore Authority (SHFA), the government agency that remains the landlord of the 20 hectare precinct.
Joint venture partners Hassell + Populous have won the architectural contract for the design of SICEEP.