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Herbert Smith Freehills Advises Consortium On NorthConnex Motorway.

3 February, 2015

 

Herbert Smith Freehills has advised Transurban, QIC Private Capital Pty Ltd (on behalf of its managed clients) and the Canada Pension Plan Investment Board (the Project Sponsors) on a AUD 2.9bn project to design, build, operate and maintain the NorthConnex motorway in New South Wales.

 

The project, which reached financial close on 31 January 2015, is the first road project to be delivered under the NSW Government’s unsolicited proposal framework. The NorthConnex motorway, comprising nine kilometres of twin tunnels, will link the M1 Pacific Highway at Wahroonga to the M2 Motorway at the Pennant Hills Road interchange. Early work on the NorthConnex motorway is expected to begin soon, with the tunnels to be completed by the end of 2019.

 

The Herbert Smith Freehills team that acted for the Project Sponsors was led by Partner Peter Paradise and Executive Counsel Jo Draper.  A separate Herbert Smith Freehills team lead by Partners Alan Rosengarten and Robert Nicholson advised Transurban in its capacities as equity investor and operator to the project.

 

Peter Paradise said, ‘We are delighted to have been involved in the delivery of this important piece of road infrastructure and to have broken new ground in respect of government procurement models. This procurement model may be the way of the future.’

 

Executive Counsel Jo Draper said, ‘There have been many lessons learned from the private sector and the NSW Government working in collaboration on this innovative project. We look forward to utilising this learning when advising on future projects in the Australian market.’

 

King & Wood Mallesons acted for the Project Sponsors in relation to the equity, financing and tolling arrangements for the project. Clayton Utz and Ashurst acted for the NSW Government. DLA Piper acted for Lend Lease Bouygues as the design and construction contractor.

 

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