Two more of Australia’s leading firms have confirmed their latest achievement in bringing Australia’s largest public transport project closer to completion.
King & Wood Mallesons (KWM) helped raise $2.5bn from banks to use in the next stage of Sydney Metro. The leading firm counselled a syndicate of formed by ANZ, Crédit Agricole CIB, HSBC, ING, Intesa Sanpaolo, KfW, Mizuho, MUFG, NAB, OCBC, SMBC, UOB, and Westpac.
The major financial institutions refinanced the existing Sydney Metro Northwest public-private partnership’s (PPP) debt. The transaction also provided additional funds for Sydney Metro City and Southwest PPP, which has a total project value of $3.7bn. Remaining value for Sydney Metro City and Southwest PPP is sourced from additional equity investments by MTR, Caisse de dépôt et placement du Québec, Marubeni, Plenary and Pacific Partnerships, KWM said.
The project will include the delivery of 23 new metro trains and core rail systems, as well as maintenance and operations. Ashurst advised the New South Wales government and Sydney Metro in the Sydney Metro Northwest contract.
The KWM team was led by Claire Rogers, projects partner. She was supported by senior associates Amy Maguire, Chris Allfrey, and Catherine Danne, as well as solicitors Travis Irons and Maclean Greedy.
“This successful result is due to the combined efforts of a number of parties and demonstrates the viability of the Sydney Metro project to both lenders and government. There was significant interest in funding the next stage of the project that will ultimately deliver significant benefits to the community and government,” Rogers said.
Pitt Station development
Norton Rose Fulbright (NRF) has also confirmed its role in the development of the Sydney Metro Pitt Street Integrated Station.
The global firm counselled Oxford Properties and Grocon on their successful bid for the development of the integrated station, which will feature two 29-storey mixed commercial and residential buildings atop the metro station at the heart of the Sydney CBD. The consortium also includes CPB Contractors.
Oxford Properties, the real estate division of Canadian pension fund OMERS, is the lead developer and equity investor for the buildings. CPB Contractors will be responsible for the delivery of the station. Grocon assembled the consortium.
The NRF team was headed by Emanuel Confos, who leads the firm’s national construction and engineering practice.
"This development is a strategic step in infrastructure development in NSW, with a commitment to build commercial and ‘build to rent’ to address the growing needs of Sydney. This development is the latest example of the much needed urban renewal that is sweeping through Sydney, combining state of the art new buildings with new public transport,” he said.
The NRF team also included special counsel Steven Choi and Melanie Harwood, as well as senior associate Paul Hedderwick. All are based in Sydney.
Herbert Smith Freehills earlier confirmed its role advising Oxford Properties on the Sydney Metro Pitt Street Integrated Station. The firm said Corrs Chambers Westgarth and MinterEllison also won mandates in the project, advising Grocon and CPB Contractors, respectively.