Tetris Capital achieves financial close on Flinders University’s prize development

Australian infrastructure investor, manager and advisor, Tetris Capital, has reached financial close on the $255 million Flinders University Health and Medical Research Building in South Australia.

Tetris Capital led the winning consortium which included Amber Infrastructure and National Australia Bank.

The HMRB is the centrepiece of the Flinders Village project, an integrated health and education precinct development on the university’s Bedford Park campus. It will co-locate research, clinical and technological platforms to further the university’s longstanding contributions to the health, education and medical sectors.

Tetris Capital Principal Stephen McDonough said the highly efficient and robust finance package they devised provided the university with certainty of funding and cashflow at a very low cost.

“We are really pleased to be able to support Flinders University with its flagship development, which will generate high-performing research that advances healthcare in South Australia, nationally and globally.”

This is Tetris Capital’s second significant project in the state, with two schools within the $234 million SA Schools PPP nearing completion.

It is also Tetris Capital’s second university precinct development, following the $300 million Curtain University Exchange project, also in the final stages of construction in Perth.

“We work hard to understand the needs of universities, and it’s a real pleasure to support a sector that significantly influences our country’s future prosperity,” Mr McDonough said.

The project’s special purpose vehicle, a wholly owned subsidiary of International Public Partnerships Limited, will enter a 25-year lease arrangement with the university. Tetris Capital will provide ongoing contract and SPV management services to the project and Hansen Yuncken will carry out the construction.

More information about the Health and Medical Research Building can be found here.