Multiplex Constructions, the building company which won the
contract to build the 110,000-seat, A$463M (US $339M) Olympic
stadium in Sydney, is offering an innovative way to finance
construction, according to the FINANCIAL TIMES. The company
proposes raising A$300M (US$220M) of equity funds through the
sale of units in a stock exchange-listed property trust. The
30,000 units will be sold at A$10,000 (US$7,333) each and will
give each holder the right to buy a ticket to all Olympic events
held at the stadium. The Olympic ticket access will apply only
to the original holder of the property trust unit. Olympic
access would be lost if the unit was traded, but the unit holder
will still be entitled to a 30-year membership in the stadium
after the Sydney Games and to dividends paid out by the trust. A
six-unit limit is likely to be imposed and the plan is to accept
applications from only Australian residents or companies. A
prospectus is due in three months, with construction likely to
begin in August (Nikki Tait, FINANCIAL TIMES, 1/24).
