News

08/07/19

G+T advises ANZ and Mizuho on the refinancing of Capella Parking’s A$141m Queen Elizabeth II Medical Centre carpark

G+T is pleased to have 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.

Commenting on the deal, Lead Partner John Schembri said, “We are delighted to have assisted ANZ and Mizuho on the refinancing of this transaction which has a number of institutional investors, reinforcing confidence from stakeholders in the Project.” 

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

Gilbert + Tobin’s Banking + Infrastructure team is recognised in the leading legal directories, including most recently being ranked at Band 1 for Banking and Finance – Acquisition Finance by Chambers Asia-Pacific 2018. G+T has significant experience advising on wind farm and renewable energy transactions, including the Dundonnell and Salt Creek wind farm financings and the Haughton and Clare solar farm projects.

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