2003 Media Releases

The CrossCity Motorway consortium today welcomed the start of works on the transport infrastructure project set to revolutionise travel patterns across Sydney and provide far-reaching benefits for the people of Sydney.

The Cross City Tunnel will take up to 90,000 vehicles per day off Sydney streets and it will free up the city for pedestrians and public transport.

CrossCity Motorway represents a fresh approach to delivering transport infrastructure in Sydney, calling upon demonstrated engineering innovation, world-wide experience and financial strength.

The CrossCity Motorway (CCM) consortium includes Cheung Kong Infrastructure Holdings Ltd (CKI) (50%), DB Capital Partners - the private equity arm of Deutsche Asset Management - (30%) and Bilfinger Berger BOT GmbH (20%), the investment company of Bilfinger Berger. Baulderstone Hornibrook and Deutsche Bank Australia are joint sponsors.

CKI Deputy Managing Director Eric Kwan said CKI was very pleased to be a major investor and to contribute their extensive experience in infrastructure to this landmark project.

“CKI will draw from our experience in the operation of the Eastern Harbour Crossing in Hong Kong, as well operating about 500km of toll roads and bridges in Mainland China, for this important element of the New South Wales road system,” Mr Kwan said.

“The Cross City Tunnel will offer significantly reduced travel times and provide a key link for Sydney’s transport system,” CrossCity Motorway Chief Executive Officer Peter Sansom said at the official sod-turning ceremony today.

“It will make the city a more pleasant place for pedestrians, motorists and business people and improve environmental quality and conditions within the city.”

Leading Australian construction company Baulderstone Hornibrook and global parent Bilfinger Berger won the complex design and construction task for the 2.1 km tunnels with an innovative proposal which minimises construction impacts on the community and motorists.

Baulderstone Hornibrook will also be responsible for the ongoing operation and maintenance of the completed tunnel.

Baulderstone Hornibrook Chief Executive Liam Forde said the Cross City Tunnel presented complex engineering and social challenges which would be met through experience, innovation, expertise and a partnership approach.

“We are committed to working closely with community groups, motorists and other stakeholders throughout construction to keep them informed and minimise local impacts,” Mr Forde said.

“Our community partnership approach will continue when the project is completed and we begin operating this important transport facility.

“Together with our parent Bilfinger Berger, Baulderstone Hornibrook is a world-leader in tunnelling technologies, having completed more than 200 tunnels globally and we will capitalise on this collective experience and skillsbase to create a world-class project for the people of Sydney.”

Deutsche Bank Australia CEO Chum Darvall said, “The team we have assembled has the depth and world wide experience in financing and equity management of major transport infrastructure to deliver a superior product”.

“CKI, Bilfinger Berger and Deutsche Bank each have significant financial capacity and are investors with a long term focus on infrastructure development in Australia,” he said.

Felicity Gates, Director DB Capital Partners said, “We have identified Cross City Motorway as an infrastructure development capable of providing long term benefits for our superannuation fund clients.

The strength and expertise of our investment partners together with the clear need for this important piece of infrastructure were characteristics in our assessment of the investment,” she said.

Media Contact:

Steve Brien, 0419 481 526