Date Closed

July 13, 2011

Lead Office

Vancouver

Value

162.50 Million CAD

On July 13, 2011, London Health Sciences Centre (LHSC) and St. Joseph’s Health Care, London (St. Joseph’s) with its co-sponsor Infrastructure Ontario, reached financial close with EllisDon Corporation for the construction and financing of the final phase of renovations at the two hospitals.

The contract commits EllisDon Corporation to build and finance the final phase of the LHSC and St. Joseph’s redevelopment project for C$162.5 million. The contract guarantees a fixed price and a fixed delivery date, with construction expected to begin in summer 2011. The project is being built using alternative financing and procurement (AFP).

The financing for the project was arranged by The Bank of Nova Scotia (also acting as Administrative Agent), with financing provided by The Bank of Nova Scotia, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and National Bank of Canada.

LHSC’s final restructuring milestone will consolidate all patient care and teaching services at University Hospital and Victoria Hospital. As redevelopment continues, LHSC will have a capacity of up to 1,134 beds.

At St. Joseph’s, a new 70,000 square foot addition and renovations to the existing facility will consolidate outpatient clinics. 

McCarthy Tétrault LLP represented the syndicate of lenders, with a team led by Byran Gibson.