TORONTO, Sept. 4 /CNW/ - 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
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, The Canada Life Assurance 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
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
The information in this news release includes certain forward-looking
statements. These statements are based upon assumptions that are subject to
significant risks and uncertainties which are generally described in Section
3.2 "Risk Factors" of Aecon's Annual Information Form available on SEDAR at
www.sedar.com. Although Aecon believes that the expectations reflected in
forward-looking statements are reasonable, it can give no assurance that the
expectations of any forward-looking statements will prove to be correct.
For further information:
For further information: Mitch Patten, Vice President, Corporate
Affairs, Aecon Group Inc., (416)297-2615, firstname.lastname@example.org, www.aecon.com