Published 28 June 2011 Financial Close Achieved for Defence Accommodation Project

Plenary Living is pleased to announce that it has reached financial close with Defence on Project Single Living Environment and Accommodation Precinct (Project Single LEAP) Phase 2. The project has a total funding requirement of some $900 million.

Following a period of exclusive negotiations, the Plenary Living consortium was appointed preferred proponent on 8th June and has achieved financial close within the month.

Project Single LEAP Phase 2 is a 33 year contract for the finance, design, construction, operation and maintenance of 3,015 permanent units on 14 Defence bases across Australia.

The Project Single LEAP Phase 2 funding requirement comprises $750 million of debt and $150 million of equity.

Plenary Group Director, Mr Ray Wilson said that, "The bases are located in every mainland Australian State and Territory and provide a tremendous opportunity to involve a range of regional builders, and thereby open the PPP market to a wider range of participants".

"Plenary Living's builders bring local knowledge and local sub-contractors that provide delivery certainty for the Commonwealth", he said.
Over a three year construction phase the Commonwealth's commitment to upgrade Defence accommodation will directly create some 1,550 jobs nationally.

The Plenary Living consortium includes:

• Plenary Group – consortium sponsor, financial arranger, equity provider
• Compass Group Australia – facility management
• Built Environs – construction, South Australia
• Pindan – construction, Western Australia
• Richard Crookes Constructions – construction, NSW and Victorian boarder
• Sitzler – construction, Northern Territory
• Watpac – construction, Victoria, ACT and Queensland 

Plenary Group will oversee design development with each builder thereby ensuring that at every location, the design is tailored to the diverse environmental conditions at each of the 14 Defence Force sites.

Media Contact Plenary Group:
Kelvyn Lavelle mbl: +61 (0)413 120 344