Allens has advised the financiers to the Canberra Metro Consortium on the funding of the Canberra Metro's Gungahlin to Civic light rail project.
Due to start construction in the coming months, the $710 million Gungahlin to Civic light rail project is being developed by a consortium of Pacific Partnerships, John Holland, Mitsubishi Corporation, Aberdeen Infrastructure Investments, CPB Contractors, DB Engineering & Consulting GmbH, CAF and the Bank of Tokyo – Mitsubishi UFJ, Ltd.
The project is the largest public private partnership ever undertaken by the Australian Capital Territory, and only the second in its history. The ACT Government will make a capital contribution of $375 million towards the project in 2018-19. This is funded from the sale of assets – such as ACTTAB, ageing public housing and ACT Government office accommodation – and includes a 15 per cent bonus from the Commonwealth as part of the Asset Recycling Initiative.
'We are pleased to have helped deliver one of the most significant public transport developments in Canberra's history,' said lead partner Phillip Cornwell.
'Coming fresh from a run of wins in the economic infrastructure sector we were delighted to have been able to build on that experience working with the Canberra Metro Consortium and their financiers as they lead Canberra's urban development into the future.'
The new light rail line will be constructed along a 12 kilometre corridor between Canberra City Centre and Gungahlin, a northern suburb. The development is slated to reduce congestion, facilitate sustainable urban redevelopment, contribute to economic growth and enhance the urban landscape.
Allens legal team
Banking and Finance: Phillip Cornwell (Partner, Sydney), Scott McCoy (Managing Associate, Sydney), Sunny Jong (Associate, Sydney) & Gabriela Wilson (Associate, Sydney)
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 40 offices in 28 countries around the world.