White & Case advises lenders to Southern Renewal Partners consortium on phase one of NZ$440 million Christchurch Men’s Prison Redevelopment Project

Global law firm White & Case LLP has advised the lenders to the Southern Renewal Partners consortium on all aspects of the project financing for phase one of the NZ$440 million Christchurch Men’s Prison Redevelopment Project.

“The Christchurch Men’s Prison Redevelopment Project is one of New Zealand’s most significant infrastructure projects and achieving financial close demonstrates the private sector’s enthusiasm for, and the bankability of, such nationally important New Zealand infrastructure projects,” said White & Case partner, Cameron Watson, who led the Firm’s deal team.

The project is being delivered as a public-private partnership, with Southern Renewal Partners to finance, design, construct and maintain the facility for the construction period plus 25 years. The New Zealand Department of Corrections will retain responsibility for delivering all custodial services.

The Southern Renewal Partners consortium is comprised of: Plenary Group (as lead sponsor, 65 percent investor, financial and commercial adviser and Special Purpose Vehicle manager); Webuild (as 25 percent investor and design and construct (D&C) joint venture lead); Leighs Construction (as 10  investor and D&C joint venture partner); and Serco (as asset management and facilities maintenance contractor). The lenders to the project are ANZ, HSBC, ING, Intesa Sanpaolo and Westpac.

The White & Case team in Australia that advised on the transaction was led by partner Cameron Watson (Sydney) with support from partners Joanne Emerson Taqi (Sydney) and Candice Ota (Melbourne), counsel Matt Sercombe (Melbourne) and associates Laurence Judges, Nabeela Maricar and Olivia Tomiyama (all Sydney).

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