Financial close on major rail project in Australia
CIMIC Group companies, Pacific Partnerships, CPB Contractors, DIF Infrastructure V and UGL, as part of the Pulse consortium, have reached contractual close with the State of Queensland to deliver the Tunnel, Stations and Development PPP package of Cross River Rail project in Brisbane, Australia.
Cross River Rail is South East Queensland’s largest infrastructure project, with the consortium delivering the design, build, finance and maintenance of a new 10.2km rail line connecting the north and south of Brisbane, including twin 5.9km tunnels under the Brisbane River and central business district. The availability-based PPP package also includes the delivery of four new underground stations and maintenance works that will be provided for 24 years.
The Queensland State Government is providing an AUD 5.40 billion (US$ 3.77 billion) capital contribution for construction. Contractual close occurred on 30 June 2019, with construction to commence later this year.
CIMIC Group has led the development of the project’s proposal, with lead sponsor Pacific Partnerships providing 49% of the equity finance, with the remaining 51% to be provided by DIF, BAM PPP PGGM and Ghella Investments & Partnerships.
CPB Contractors will deliver the design and construction in a joint venture with Ghella, BAM International and UGL. UGL will also provide maintenance services.
CIMIC Group companies CPB Contractors and UGL have also been chosen by the Queensland Government as preferred contractors in an Alliance partnership to deliver the Rail, Integration and Systems (RIS) package of the Cross River Rail project.