This article is part of a daily series of MegaProjects articles. If you want to know more about PPP projects with a considerable size visit our MegaProjects section. You can receive them by email on a daily basis.

The Government of Western Australia and Westadium, a consortium led by John Laing and Brookfield Financial, have achieved financial close on the A$862 million new Perth Stadium and Sports Precinct in Western Australia.

Westadium is a consortium is led by three key members, Brookfield Multiplex (design and construction), John Laing (equity investor and asset management) and Brookfield Johnson Controls (facilities management). The team had been selected as preferred bidder in mid April this year.

The project financing has been provided by the Canadian Imperial Bank of Commerce and National Australia Bank.  

The stadium will be completed in time for the start of the 2018 Australian Football League season. The Stadium will be one of the best venues in Australia, incorporating a range of "firsts and bests" in design and fan experience with an initial 60,000 seat capacity. The Stadium will include the widest range of seating and hospitality options of any stadia in Australia. Future-proofed Stadium technology will also be provided, including full Wi-Fi coverage.

The project will be developed on a design, build, finance, and maintenance (DBFM) basis for a period of 25 years.

The design of the Stadium and Sports Precinct was created by an award winning team comprising Cox Architects, Hassell, HKS and Arup.

John Flecker, Chief Executive Officer of Brookfield Multiplex Australasia stated:

This project resonates with Brookfield on many levels - it gives us an opportunity to capitalise on our local knowledge, while also drawing on our international construction, financial advisory and facilities management expertise to help deliver something that is truly world-class.

We also strongly support the State Government's commitment to the community through stakeholder engagement during the design and planning phase to create a precinct which will form an integral part of West Australian life.

Mr Flecker confirmed that the capital cost of the new Perth Stadium and its surrounding Sports Precinct is around $40 million less than the original $902 million budget.

Justin Bailey, head of John Laing Asia Pacific, said:

"We are very proud to be a key part of the Westadium team, and look forward to working with the West Australian State Government and our consortium partners to deliver a world class, but uniquely West Australian Stadium in Perth for the start of the 2018 AFL season."

The project has been supported by the following advisers: Clayton Utz (Consortium Legal), King & Wood Mallesons (Bank Legal), KPMG (Tax and Accounting), PRS (Insurance), Turner & Townsend (Technical Adviser), Corality (Model Audit).