AMP Capital fund in PPP transaction
AMP Capital's Capital Community Infrastructure Fund has acquired a 49.99 per cent equity interest in the South East Queensland Schools Public Private Partnership (PPP) project from the Commonwealth Bank of Australia.
Confirming the move this week, AMP said the project had an enterprise value of over $250 million, with a 26-year concession period remaining.
The announcement said the project involved design and construction as well as the maintenance and operation of seven new schools that will accommodate more than 5,790 students in the high-growth areas of the Sunshine Coast, Western Corridor, the Gold Coast and Redlands.
Commenting on the move, AMP Capital investment director Julie-Anne Mizzi said she believed the project would provide the company's clients with the opportunity to access stable, long term CPI-linked cash flows underwritten by availability-based payments from the Queensland Government.
"We have specialised knowledge of the asset class and PPP asset management and following this acquisition now manage a portfolio of 24 schools in New South Wales, Queensland and South Australia, under PPP arrangements," she said.
"AMP Capital has an ongoing commitment to the Australian PPP market and CommIF is quickly becoming the partner of choice for secondary market social infrastructure assets in Australia and New Zealand," Mizzi said.
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