Capella Parking’s A$141 Million Queen Elizabeth II Medical Centre Carpark Refinancing

G+T advised Australia and New Zealand Banking Group Limited (ANZ) and Mizuho Bank, Ltd (Mizuho) on the refinancing of Capella Parking’s A$141 million Queen Elizabeth II (QE II) Medical Centre carpark public private partnership (PPP) in Perth, Western Australia.

The refinance comes off the back of the PPP reaching financial close in 2011, with Mizuho replacing Investec in the refinancing.

G+T’s Banking + Infrastructure team assisted in the negotiation of breaking interest rate swaps between Investec and Capella Parking to facilitate new hedging arrangements with Mizuho and access the more competitive financing.

The construction of the QEII Medical Centre car park completed in late 2013. With 3000 bays, it serves 36 medical organizations, including the new Perth Children’s Hospital which opened in 2018.

John Schembri (Picture) led the G+T Banking + Infrastructure team, with special counsel Caroline Mathie and lawyer Brent Thompson assisting.

Involved fees earner: Caroline Mathie – Gilbert + Tobin; John Schembri – Gilbert + Tobin; Brent Thompson – Gilbert + Tobin;

Law Firms: Gilbert + Tobin;

Clients: Australia and New Zealand Banking Group Ltd.; Mizuho Bank;

Author: Michael Patrini