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Sun October 21 2018

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Hochtief team closes $750m New Zealand prison deal

18 Sep A consortium led by two Hochteif companies has reached contractual close on a public-private partnership to build a prison in New Zealand.

The new facility will be built on the site of the existing Waikeria Prison
The new facility will be built on the site of the existing Waikeria Prison

The New Zealand government is client for the Waikeria Corrections & Treatment Facility. The team had been named in June as the winning bidder (link opens in new tab).

Hochtief’s Cimic Group has led the development of the project through subsidiaries Pacific Partnerships and CPB Contractors. Pacific Partnership is leading the consortium formation and is providing equity financing for 25 years while CPB Contractors is undertaking the design and construction of the facility. Revenue to Cimic Group is approximately NZ$750m.

Pacific Partnerships managing director Martin D’Uva said: “Pacific Partnerships is now delivering three PPPs in New Zealand across the education, transport and corrections sectors. The Waikeria Prison PPP allows us to continue delivering whole-of-life project solutions, operational performance and value for all stakeholders.”

Pacific Partnerships and CPB Contractors are joined by consortium partners HRL Morrison for financing, Cushman & Wakefield in providing facilities services and electronic security services provider Honeywell.

MPU

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