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March 12, 2021

Plenary Health announces financial close on hospital project in Australia

The Plenary Health consortium has achieved financial close on the new $1.1bn (A$1.5bn) Footscray Hospital project in Victoria, Australia.

The Plenary Health consortium has achieved financial close on the new $1.1bn (A$1.5bn) Footscray Hospital project in Victoria, Australia.

The consortium comprises Plenary Group as sponsor, investor and asset manager, Multiplex as builder. Honeywell and Compass Group will serve as facility services providers, while Sojitz as investor.

Featuring more than 500 beds, the new hospital infrastructure will provide care for nearly 15,000 new patients. An extra 20,000 people will be seen by the emergency department annually.

Footscray Hospital will also deliver more outpatient, palliative care and mental health services ensuring quality care access to the community.

Plenary Health chief investment officer Paul Crowe said: “It is a rare privilege to deliver such a significant project, one that will ultimately transform access to health services in Melbourne’s west,” Mr Crowe said.

“In bringing this project to life, the community has always been our focus and we look forward to delivering this hospital for patients and families, for staff, and the people of the western suburbs.

“We look forward to working closely with the Victorian Government and Western Health to deliver this much-needed and critical piece of health infrastructure.”

For this project, Plenary has agreed to offer 70% of the equity financing, while Sojitz will provide the remaining 30%.

Banks including NAB, Westpac, Mizuho, Norinchukin, Crédit Industriel et Commercial and Nippon Life are providing the debt financing.

Cox Architecture and Billard Leece Partnership will lead an integrated design team.

The new Footscray Hospital will be delivered in a public-private partnership, where Western Health will serve as the public operator of all clinical services.

The Victorian government contracted Plenary Health to finance, design, construct, and maintain the hospital for a period of 25 years upon completion.

Construction is expected to begin shortly and is set for completion in 2025.

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