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QIC announces financial close on Sydney tunnel
Institutional investment manager QIC and its partners in the Westlink M7 Motorway has announced financial close on the NorthConnex project in Sydney.
NorthConnex is a proposed 9km road tunnel that will link the M1 and M2 motorways in Sydney, which will cost around $2.9 billion.
QIC said the project will be delivered by the Westlink M7 shareholders that include improvements to the current M7 concession (higher truck tolls, a concession extension and additional gearing) as funding sources for the project.
Head of global infrastructure Ross Israel said the project "leverages our capabilities in the road sector and our ability to be a collaborative partner to governments".
Construction will begin this year and will finish by the end of 2019.
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