Australian Unity’s A$740 million refinancing of the corporate debt facilities and financing of the Specialist Rehabilitation and Ambulatory Care Centre


Ashurst has acted as the legal adviser to Australian Unity Funds Management Limited on the A$740 million refinancing of the corporate debt facilities for the Australian Unity Healthcare Property Trust (HPT) and the project financing for the construction of a new public hospital in Brisbane called the Specialist Rehabilitation and Ambulatory Care Centre (SRACC).

The SRACC is part of Australian Unity’s Herston Quarter Redevelopment Project, in partnership with Metro North Hospital and Health Service (MNHHS), to develop a world-class health, aged care, medical and research precinct in Brisbane.

The project won the awards for ‘Best Social Infrastructure Project’ and ‘Best Financial Structure’ at the PPP Awards 2017, of which the cornerstone of the award-winning project was the greenfield development and operation of SRACC.

The A$320 million development facility to fund construction of the SRACC was included in Australian Unity’s corporate finance facility agreement. The amended and restated facility agreement is an innovative hybrid corporate finance and project finance facility agreement, with all facilities secured over the whole of HPT’s property portfolio and the SRACC development.

Ashurst advised Australian Unity Funds Management Limited on the deal with a team led by partner David Mason (Project Finance, in picture), assisted by counsel Tim Macmillan and lawyers Jowa Chan and Wilson Lu (Project Finance); with partner Mark Disney, and senior associate Kate Robertson (Infrastructure); and counsel Ann-Janette Reinhardt (Real Estate).

Involved fees earner: David Mason – Ashurst; Jowa Chan – Ashurst; Wilson Lu – Ashurst; Mark Disney – Ashurst; Kate Robertson – Ashurst; Ann-Janette Reinhardt – Ashurst;

Law Firms: Ashurst;

Clients: Australian Unity;

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Author: Michael Patrini