Sojitz Joins Hospital Project in Australia
－Expanding the Healthcare Business to Contribute to Regional Communities－
Mar. 11, 2021
Sojitz Corporation (“Sojitz”) has announced its participation as investor in a hospital project in Australia via its fully-owned subsidiary. An operating company will be established with equity ownership split 30% to Sojitz Group and the remaining 70% to Australia’s Plenary Group to deliver the $1.5 billion New Footscray Hospital project (Location: Melbourne, Victoria).
The new hospital is the largest single health infrastructure investment in the state of Victoria, and will address the needs of the growing population in Melbourne’s western suburbs.
This hospital project will be delivered as a public-private partnership by the Plenary Health consortium, contracted by the Victorian Government to finance, design, construct, and operate the facility for 25 years following completion.
Construction is set to begin shortly and the hospital’s planned opening date is 2025. Plenary Group is the project sponsor, investor and SPV manager, Multiplex will serve as the construction company on the project, while Honeywell and Compass Group will provide services for facility and maintenance management.
The operating company established will provide funding through project financing. Participating financial institutions include the National Australia Bank, Westpac, Mizuho Bank, The Norinchukin Bank, Nippon Life Insurance and Crédit Industriel et Commercial.
In April 2017, Sojitz consolidated its healthcare related business internally and established a new specialized team to strengthen its projects in the healthcare sector. This project will make use of Qualitas Medical Limited’s network in the Asia and Oceania region, and Sojitz aims to build a healthcare platform that will harness the synergies between the public and private sectors. As medical expenses rise in response to aging populations and changes in disease patterns emerge, Sojitz strives to provide solutions to social problems such as shortages in medical staff and hospital beds, promote healthcare business creation globally, and contribute to the realization of a healthy and prosperous society.
[Related News Release]
“Sojitz Invests in Leading Primary Healthcare Provider in Asia & Oceania” (March 1, 2021)