InfraRed Capital Partners today clinched the long-running tender for the first stage of the Greater Curtin University project, three years after it kicked off in April 2016, according to sources familiar with the matter.
The AUD 200m-300m (USD 140m-210m) deal reached financial close and the contract was awarded on Tuesday (4 June), with backing from lenders including NAB and the federal government’s green bank, the Clean Energy Finance Corporation (CEFC), according to two sources.
Curtin University, located in Perth, Western Australia, is providing AUD 85m to finance the project and the rest is coming from private investors.
The original plan was for a winner to be picked by the end of 2017 and construction to start in early 2018 and be completed by 2020.
But final bids were not lodged until November 2017, with two, including InfraRed, taken to the final round of negotiations, as reported.
The project is large and the first of its kind for the university – one factor that has led to the lengthy tender process, according to sources.
It involves financing, designing and developing a new student precinct which includes 2,000 beds, R&D facilities, a transport interchange for up to 12,500 commuters, retail and commercial outlets.
The new development will be on the university’s existing Bentley campus located 6km west of the Perth city centre.
There is also scope for the operator of the new development to lease up to 875 of the university’s existing 1,175 on-campus beds in conjunction with the new facilities.
Curtin’s present student accommodation operates at 100% occupancy during semester.
Spokespeople for the Greater Curtin project and InfraRed did not respond to requests for comment. A spokesperson for the CEFC declined to comment.