Bridgepoint Health Redevelopment project reaches financial close
August 11, 2009
622.00 Million CAD
On August 11, 2009, the Bridgepoint Health redevelopment project reached financial close. The project is an Infrastructure Ontario Alternative Financing and Procurement (AFP) project for the design, build, finance, maintenance and lifecycle repair and renewal of a new 10-storey, 472 bed and 680,000 square foot building for patients with complex chronic disease in Toronto, Ontario. Bridgepoint Health and Infrastructure Ontario were the co-sponsors of the project. Infrastructure Ontario, the Crown corporation dedicated to the renewal of Ontario's public infrastructure assets, assisted Bridgepoint Health with the procurement and implementation of the transaction.
Following a two-stage procurement process, a consortium headed by Plenary Health was named as the preferred bidder on June 9, 2009; commercial close was reached on August 10, 2009 and financial close on August 11, 2009. Payments to cover construction, building maintenance, lifecycle repair and renewal and project financing will be made on an availability and performance basis, in a total amount of $1.27 billion over 30 years, or a net present value of $622 million. The new health-care complex will remain publicly owned, publicly controlled and publicly accountable.
McCarthy Tétrault LLP acted for Bridgepoint Health with a team led by Godyne Sibay and Gordon Willcocks.