Aecon reaches Financial Close on $112 million hospital expansion and renovation project

TORONTO, Aug. 19 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that its Buildings Division has reached Financial Close on the expansion and renovation of the Toronto Rehabilitation Institute's (Toronto Rehab) University Centre located on University Avenue in Toronto. Under the Ontario government's Alternative Financing and Procurement (AFP) program, the approximately $112 million Toronto Rehab expansion project is being executed as a 'build-finance' project. Aecon will finance the project through the construction period, and will receive from Toronto Rehab an interim payment upon completion of the new tower, and a final payment upon completed construction through funding from the Ministry of Health and Long-Term Care and the hospital's fundraising efforts.

Financial Close was reached...