Allens locks in NZ's first major PPP
13 September 2012
Allens has advised the financiers to the SecureFuture consortium on the Wiri Men's Prison Project, which is New Zealand's first major PPP.
The SecureFuture consortium (comprising Serco Australia, Fletcher Construction, Spotless Services NZ, Accident Compensation Corporation, John Laing Investments and InfraRed, and advised by Macquarie Capital) has reached financial close on the NZ$840 million contract to build, operate and maintain the 960-bed prison in Wiri, South Auckland.
Partners James Darcy and Ren Niemann led the Allens team on this landmark transaction for the NZ PPP market.
'This is a strategically important project for the development of the NZ PPP market,' Mr Darcy said.
'Allens was fortunate to have had the opportunity to apply our extensive PPP experience to this new market and to be involved in this pathfinder transaction,' Mr Niemann said.
The Wiri Men's Prison Project PPP is the latest in a string of major PPPs for Allens, which was involved in Australia’s first-to-market, largest and most complex PPP projects.
Allens' involvement in the PPP market dates back to the first major PPP in Victoria, the Southern Cross Station Redevelopment. In recent times, the firm has played significant roles on several major PPPs, including the Commonwealth Department of Defence's Single LEAP Phase 2 PPP (the largest Commonwealth PPP); the South East Queensland Schools PPP (which introduced the innovative 'Supported Debt Model'); the Gold Coast Rapid Transit PPP; and the largest infrastructure project in South Australian history, the New Royal Adelaide Hospital PPP.
'Our experience tells us that for these innovative, large and first-to-market transactions, the Government of the day seeks to establish strong precedents for future deals,' Mr Darcy said.
'Having completed this significant deal, we hope the NZ market continues to prosper as the Australian PPP market has.'
|Allens legal team||James Darcy (Partner – Melbourne), Ren Niemann (Partner – Brisbane), Richard Gordon (Partner – Sydney), Scott McCoy (Senior Associate – Sydney), Nicholas Ng (Senior Associate – Brisbane), Gajan Saththianathan (Lawyer – Sydney), Damian Menz (Law Graduate – Melbourne)|
- Susan CowenCorporate Affairs Adviser,
Ph: +61 3 9613 8374
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 36 offices in 27 countries around the world.