(MENAFN- ProactiveInvestors - Australia) Lend Lease (ASX: LLC) has been locked in as contractor on the international convention, exhibition and events precinct project to be built in Darling Harbour, New South Wales after reaching contractual close on the deal.
The company and the Darling Harbour Live consortium were nominated as the preferred proponent in December 2012 by the NSW Government.
The other companies that make up the consortium are HOSTPLUS, Capella Capital, AEG Ogden and Spotless.
Darling Harbour Live has entered into a public-private partnership with Infrastructure NSW and Sydney Harbour Foreshore Authority (SHFA), with an estimated capital cost of about $A1 billion for the core facilities and improvements to the public realm.
The public-private partnership is to design, construct, finance, maintain and operate the convention, exhibition and entertainment facilities, and the agreement is conditional on planning and other relevant approvals.
Lend Lease has also inked project development agreements with Infrastructure NSW and SHFA to develop a hotel, and a mixed use site of around 5 hectares within the precinct with an expected development value of A$1.5 billion.
Lend Lease recently lodged the first of several planning applications for the project as part of the assessment process, with the remaining applications to be submitted over the coming months.
Financial close is expected in late 2013, followed by the commencement of site works.
Lend Lease is cashed up with around $454.9 million in cash at the end of December 2012.
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