CIMIC Group companies finalise cross river rail public private partnership package

Company News

by Anna Napoli

CIMIC Group (ASX:CIM) has today announced its companies, Pacific Partnerships, CPB Contractors, and UGL, as part of the Pulse consortium, have reached contractual close with the State of Queensland to deliver the Tunnel, Stations and Development Public-private partnership (PPP) package of Brisbane’s Cross River Rail project.

The consortium will deliver tunneling works, new underground stations, and ongoing maintenance services for Cross River Rail, South East Queensland’s largest infrastructure project.

The Queensland State Government is providing $5.4 billion for construction.

Revenue to the CIMIC Group as a result of the contract is about $2.73 billion. Contractual close occurred on 30 June 2019.

CIMIC says its integrated approach to PPP projects is based on end-to-end capabilities across a project's life cycle. It will finance, design, construct and maintain the new tunnels and rail stations, in partnership with the State Government, to deliver world class rail assets and services for South East Queensland.

Shares in CIMIC Group (ASX:CIM)  are trading 1.36 per cent higher at $45.38.