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Leighton Holdings Ltd (ASX:LEI) has reached financial close on a $1.85 billion project to construct the Royal Adelaide Hospital in South Australia.
The contractor says the work is worth over $900 million to Leighton Contractors who will design and construct the new hospital as part of a joint venture.
Leighton Contractors is one of five major private equity investors in the project which is a fully underwritten Public Private Partnership.
Leighton Contractors managing director, Craig Laslett, says the new Royal Adelaide Hospital will be the largest social infrastructure project ever delivered in Australia in addition to the country’s most advanced hospital.
Construction is expected to start within months and scheduled for completion in 2016.
In the six months to 31 December 2010 Leighton Holdings recorded an interim net profit of $218 million.
