Aecon Buildings awarded contract for redevelopment of the Rouge Valley Health System
Sep 4, 2007
Toronto, Ontario – September 4, 2007: Aecon Group Inc. (TSX: ARE) announced today that its Buildings Division has been selected by the Rouge Valley Health System and Infrastructure Ontario as the preferred bidder, and has completed commercial close, for the Phase 1 redevelopment of the Rouge Valley Health System in Ajax.
Under the Ontario government’s alternate financing and procurement program, Aecon and their financial advisor Stonebridge Financial Corporation have secured financing from financial partners The Manufacturers Life Assurance Company, London Life Insurance Company, and Industrial Alliance Insurance & Financial Services Inc.
The hospital’s expansion and redevelopment plan will include:
• An upgraded and expanded emergency department
• Expanded laboratory, mental health and ambulatory care facilities
• A new Complex Continuing Care Unit with capacity for 30 beds
• The development of diagnostic imaging and cardiac diagnostic areas
Work on the project will include the redevelopment of 140,000 square-feet of the Ajax/Pickering site with 75,000 square-feet slated for new construction and 65,000 square-feet of renovations. Aecon will also perform extensive site development including expanded parking lots, new sidewalks, curbs, and landscaping.
Financial close is expected in the coming weeks. Construction will begin following financial close and is projected to be completed in August 2010.
“Health care infrastructure is a growing market in Canada, and is a key strategic priority for Aecon Buildings,” said Robert G. McDonald, President Aecon Buildings. “The Rouge Valley project is an exciting opportunity, and we look forward to working with the hospital and Infrastructure Ontario to meet the growing demand for health care facilities.”
Infrastructure Ontario is a Crown corporation dedicated to managing some of the province’s larger and more complex infrastructure renewal projects – ensuring they are built on time and on budget.
Aecon Group Inc. is Canada’s largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and internationally.