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[BUSINESS] · Australia · 4 sources

University of Wollongong paid $442 million to exit failed housing deal

University of Wollongong Living and Learning Partners Independent Commission Against Corruption student housing development Operation Scandi

The University of Wollongong (UOW) paid more than $442 million in January 2021 to terminate a student housing development agreement with the overseas developer consortium Living and Learning Partners (L&LP). This figure is significantly higher than the $169 million previously reported.

To fund the payment, the university borrowed $350 million. These borrowings are currently subject to the university's debt reduction strategy. The financial strain from this exit is linked to subsequent financial troubles that resulted in the loss of more than 200 jobs between 2021 and 2025.

The full amount was not explicitly declared as a single figure in UOW's annual reports, though the university stated its reporting methods were in line with accounting standards. The details were made public through a university council document tendered as evidence in the Independent Commission Against Corruption's (ICAC) Operation Scandi investigation.

Entities

Independent Commission Against Corruption · Keiraville campus · Living and Learning Partners · University of Wollongong

Claims

What the coverage asserts, and how many sources carry each claim.

Sources

Revealed: UOW paid hundreds of millions to get out of failed development deal [www.illawarramercury.com.au]
Revealed: UOW paid hundreds of millions to get out of failed development deal [www.theleader.com.au]
Revealed: UOW paid hundreds of millions to get out of failed development deal [www.batemansbaypost.com.au]
Revealed: UOW paid hundreds of millions to get out of failed development deal [www.begadistrictnews.com.au]