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Cimic Group Ltd (ASX:CIM) wins NZ$750 million prison project

Cimic Group Ltd (ASX: CIM) is a mining and mineral processing, construction and energy services group.

Cimic Group companies, Pacific Partnerships and CPB Contractors, along with their consortium partners, have reached a contractual close with the New Zealand Government to deliver the Waikeria Corrections and Treatment Facility Public Private Partnership (PPP) project.

Cimic Group has been at the forefront of developing this project, with Pacific Partnerships leading the consortium and providing equity financing for 25 years. CPB Contractors have been undertaking design and construction of the facility.

Revenue attributable to Cimic Group is approximately NZ$750 million with the new Waikeria facility set to open in 2022.

Cimic Group Chief Executive Officer Michael Wright said “Utilising our technical and operational expertise, and our financial strength, we will work in partnership with the Department of Corrections to deliver a high-quality facility of long-term value for New Zealand.”

Consortium partners for this project are: HRL Morrison for financing, Cushman & Wakefield to provide facility services and Honeywell will provide electronic security services.

The new facility will be built on the site of the existing Waikeria Prison in the Waikato region of New Zealand and will be operated by the Department of Corrections, delivering accommodation for 500 prisoners.

The Cimic Group share price is up 1.07% to $51.13 as of close today.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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