Further PPP investment in Australia and increased investment levels for 2017
John Laing is joining Cross Yarra Partnership as an investor in the Tunnel and Stations Package alongside the other consortium members, Lendlease, John Holland, Bouygues Construction and Capella Capital.
Cross Yarra Partnership was announced as the preferred tenderer for the A$6 billion Tunnel and Stations Package in July 2017. The project company will deliver twin nine-kilometre tunnels and five new underground stations at North Melbourne (Arden), Parkville, State Library, Town Hall and Anzac, as part of the state of Victoria's biggest ever public transport project.
As stated in its pre-close update dated 8 December 2017, John Laing's investment commitments for 2017 to date were £340 million, well ahead of the original guidance of approximately £200 million. Taking into account the Metro Tunnel investment, commitments increase to £383m million. No further investment commitments are expected in 2017.
Olivier Brousse, John Laing's Chief Executive Officer said:
"Melbourne's Metro Tunnel is a landmark project that will transform the Melbourne rail network. The Public Private Partnership set up with the State of Victoria will guarantee the delivery of this highly complex project. John Laing is delighted to be involved in such an important project alongside some of the best construction and development companies in the world that are Lendlease/Capella, John Holland and Bouygues Construction."
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