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HOSTPLUS funds 50 per cent of Sydney convention centre
HOSTPLUS will fund 50 per cent of the equity for Sydney's new convention, exhibition and entertainment precinct after winning a New South Wales Government bid to provide funding alongside Lend Lease.
Debt will be provided by a cohort of local and overseas banks.
The project includes the design and construction of the international convention centre, expanding the area to 20 hectares at Darling Harbour.
HOSTPLUS chief executive David Elia said infrastructure was a compelling investment option because of its dual roles in securing returns for investors while expanding the country's economic capacity and productivity.
The project will create 1,600 new jobs over the three-year construction period, which will begin at the end of 2013, and ongoing employment for 4,000.
"Our success in this project highlights the solid link that the Fund has with infrastructure that forms our nation's economic backbone," Elia said.
"It demonstrates the virtuous circle of HOSTPLUS' role in infrastructure investment; securing superannuation returns for its members, coupled with the development of tourism and hospitality infrastructure which create jobs that expand the nation's economic capacity."
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