IFM's unsolicited bid for East-West project rejected
The Victorian Department of Treasury & Finance in late May 2013 received an unsolicited offer by Industry Funds Management. IFM proposed to fund, construct and run the planned east-west link toll road project's two phases simultaneously, at a cost of around $A12 bilion.
The Victorian government rejected the bid.
Industry Funds Management lodged a detailed proposal to build both sections of the road simultaneously, suggesting it could be done for under $12 billion with minimal risk for taxpayers. IFM offered to bear partially the financial risk if traffic volumes were lower than predicted. Under the proposal, the investment would be recovered partly from toll revenue and partly through regular availability payments from the state.
The government's proposal for the project is expected to cost $6 billion to $8 billion. On July 19th, the state invited Expressions of Interest to build Stage One of the East West Link project.
Project proponents will have six weeks to get their Expressions of Interest in, with the Linking Melbourne Authority expecting to go to the market with a Request for Proposals in October, and awarding a contract in late 2014.
Country news
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August 20, 2013
AMP Capital to grow residential aged care investment
AMP Capital announced on 19 August that Singapore-based G. K. Goh Holdings Limited will acquire a 47.62% stake in the AMP Capital managed residential aged care provider Domain Principal Group for A$136.7 million.In addition, AMP Life will increase its ownership from 42.5 per cent to 47.62 per cent. This means that GK Goh and AMP Life will both hold equal 47.62% interests in DPG as other clients re-weight their portfolios and exit the investment. The remaining stake in the company is held by DPG management. Read more -
August 20, 2013
AMP Capital acquires 49.99 % stake in Queensland Schools Project
AMP Capital has announced that AMP Capital Community Infrastructure Fund (CommIF) has acquired a 49.99% equity interest in the South East Queensland Schools Public Private Partnership (PPP) project from the Commonwealth Bank of Australia. Read more -
August 21, 2013
ConnectEast to refinance debt through bond issue
The project company for the Eastlink toll road in Melbourne has launched a A$1 billion (US$913 million) medium term note programme. The proceeds of the notes would partially refinance ConnectEast's A$1.285 billion in bank debt. Read more -
August 22, 2013
Program Director, Royal Adelaide Hospital
HardyGroup International now seeks expressions of interest from experienced project managers for one of the largest and most complex health infrastructure transitions in Australia. Read more -
August 26, 2013
RFP released for A$700 million Perth stadium
Perth Stadium"The RFP provides a range of minimum standards the design must meet and outlines the technical, operational and commercial requirements to design, build, partially finance and maintain the stadium and its surrounding sports precinct," Mr Barnett said. Read more
