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August 4, 2014
08:48 EDTGEOGeo Group selected as preferred tenderer for development of Ravenhall Prison
The GEO Group announced that a GEO led consortium comprised of GEO’s wholly-owned subsidiary, The GEO Group Australia Pty, John Holland Construction, and Honeywell has been selected as the preferred tenderer by the Department of Justice in the State of Victoria for the development and operation of a new 1,000-bed Prison in Ravenhall, a locality near Melbourne, Australia. Following a final contract award, GEO expects to begin the development of the Facility in 2015 under a Public-Private Partnership financing structure with an equity investment from GEO of approximately 20% of the project following the activation of the Facility, and with returns on investment consistent with GEO’s company-owned facilities. GEO Australia would operate the Facility under a 25-year contract with Corrections Victoria upon its completion in late 2017. The Facility will provide unprecedented levels of in-prison and post-release programs aimed at reducing reoffending rates and helping offenders reintegrate into society.
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