The New Perth Stadium

Kwality

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FYI, no short term relevance to AFL footy:
AMP Capital has struck a multimillion-dollar deal to buy half of Westadium, the company that helped finance the $1.5 billion Optus Stadium project.

Despite the significance of the deal, the equity value of the transaction, which could be anywhere between $50 million and $100 million, has been kept secret.

The State Government, which picked up 60 per cent of the cost, commissioned the state-of-the-art stadium with the local arm of British developer and operator of privately financed public sector infrastructure John Laing Group plc funding the rest.
https://thewest.com.au/business/com...als-new-share-of-optus-stadium-ng-b881135798z

It puts a value on the completed facility, will the State Govt write it down/up ??
 

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FYI, no short term relevance to AFL footy:
AMP Capital has struck a multimillion-dollar deal to buy half of Westadium, the company that helped finance the $1.5 billion Optus Stadium project.

Despite the significance of the deal, the equity value of the transaction, which could be anywhere between $50 million and $100 million, has been kept secret.

The State Government, which picked up 60 per cent of the cost, commissioned the state-of-the-art stadium with the local arm of British developer and operator of privately financed public sector infrastructure John Laing Group plc funding the rest.
https://thewest.com.au/business/com...als-new-share-of-optus-stadium-ng-b881135798z

It puts a value on the completed facility, will the State Govt write it down/up ??
Stadiums aren't great investments particularly the early years and doubly so if its a BOOT project - Build, Own, Operate Transfer type project, which my understanding there is a transfer of the 40% at the end of 25 operating years. Look at the early investors in Docklands and Olympic Stadium in Sydney they lost hundreds of millions of dollars. Mind you they were 100% owners not 40%. AMP dont have a great investment record the last decade or so.

The article doesn't say who has sold out, but they didn't mention B.V. and Aberdeen Infrastructure Investments (NPS) Limited. I wrote this on the Port board stadium deals thread in late 2017.

But the mob providing 40% of the financing are called Westadium and responsible for the Design, Build, Finance and Maintain the stadium for 28 years ie 3 years of construction and first 25 years of use are a consortium of the following - John Laing Investments (Perth Stadium) B.V. and Aberdeen Infrastructure Investments (NPS) Limited. From Page 3 of The new Perth Stadium Design, Build, Finance and Maintain Project February 2015 Project Summary

Brookfield Multiplex Engineering and Infrastructure Pty Ltd (the Builder) has been subcontracted by Westadium to undertake design, construction, fit out and commissioning of the Stadium and Sports Precinct works over a three year period (the Design and Construction (D&C) phase). Following commissioning of the Stadium and Sports Precinct, facilities management services (Services) will be provided over a 25 year operating term (the Operating Phase) by Brookfield Johnson Controls Pty Ltd (the FM Subcontractor). Westadium will not be undertaking operational activities such as securing events, promoting the Stadium, agreeing commercial access arrangements with hirers, branding and advertising and making any event and function arrangements (including in relation to ticketing, event and function staff, event and function crowd control and catering operations). These activities will be undertaken by the Stadium Operator who is to be appointed by the Governance Agency (VenuesWest) after a separate procurement process during 2015.
VenuesWest appointed the Stadium Australia Operations and they changed their name to VenuesLive.

Edit Page 27 (final page) of document linked above confirmed this is a BOOT type project with transfer of ownership to the state government after 25 years.

2.3.8 State Rights at Expiry of the DBFM Project
The Project Agreement requires Westadium to handover the Stadium and Sports Precinct to the State at the end of the Operating Phase (or upon earlier termination) for nil consideration.

On page 4 Operating Phase is defined as;
Operating Phase (Facilities management) 25 years from 1 January 2018
 
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