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| Aecon reaches financial close on $91.5 million project Toronto-based construction company Aecon Group Inc. announced that its Buildings and Concessions Divisions have reached Commercial and Financial Close on the redevelopment of the Lakeridge Health Oshawa hospital project. Under the Ontario government's Alternative Financing and Procurement (AFP) program, the approximately $91.5 million redevelopment project is being executed as a 'build-finance' project. Aecon will finance the project through the construction period, and will receive from Lakeridge Health Corporation a payment of the full amount when construction is completed. Lakeridge Health Corporation is a community based corporation providing hospital services to approximately 510,000 people in the Regional Municipality of Durham east of Toronto. The Hospital operates four sites: Lakeridge Health Bowmanville, Lakeridge Health Oshawa, Lakeridge Health Port Perry, and Lakeridge Health Whitby. Commercial and Financial Close were reached on February 10, 2009. Aecon Buildings will commence construction in March 2009, and the project is scheduled to be completed in the spring of 2011. write your comments about the article :: © 2009 Construction News :: home page |