AMP Capital acquires Western Australian prison

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
AMP Capital acquires Western Australian prison

AMP Capital has acquired the Kalgoorlie-based Eastern Goldfields Regional Prison Redevelopment Project from Lend Lease and MLC.
 
The project, which will sit within AMP Capital’s Community Infrastructure Fund (CommIF), is a public private partnership (PPP) with the state government of Western Australia.
 
It involves two stages of capital works: the design, construction and commission of a new 350-bed prison and associated infrastructure, which is now commissioned, and then the demolition of the existing 100-bed facility and site remediation, which is underway.  The deal also includes the provision of facilities management services.
 
The concession period is approximately 28 years, which comprises the construction period plus 25 years.

Financial close for the deal, which is subject to consent from the state and financiers, was achieved on 5 October 2016.  King & Wood Mallesons acted as AMP Capital’s legal adviser.
 
AMP Capital Community Infrastructure Fund Manager Andrea McElhinney said:

“This project provides long-term, highly predictable cash flows that are underpinned by the Western Australian government.  It has an attractive risk and return profile that fits perfectly with CommIF’s investment mandate.
 
“The acquisition also allows CommIF to expand its geographic exposure to Western Australia, providing our investors with further diversification benefit.” 

Ms McElhinney noted:

“Social infrastructure not only provides investors with attractive returns that are characteristic of the broader infrastructure asset class but our investors also like the fact its assets benefit the community.  Offshore interest in Australian infrastructure has been a major theme of the local market during the last two years and social infrastructure has not been immune to this, with the first offshore investor coming into CommIF this year.”

List of country news

Country news

  • October 10, 2016

    Colonial First State Global Asset Management strengthens iglobal unlisted infrastructure team

    Colonial First State Global Asset Management (CFSGAM) has strengthened its global unlisted infrastructure investments team with with both an Australian and a US-based appointment. Read more
  • September 30, 2016

    Adani to buy Australian Abbot Point Coal Terminal operator from Glencore

    Abbot Point Operations Pty Ltd (APO), an Australian subsidiary of Adani Ports and Special Economic Zone Limited has entered into an agreement to acquire ownership of Abbot Point Bulkcoal Pty Ltd (APB), an Australian registered company performing the operations and maintenance activities of Abbot Point Coal Terminal in Queensland, Australia.

    Read more
  • September 22, 2016

    Infrastructure Capital Group appoints director and two new associates

    Infrastructure Capital Group (ICG), an Australian specialist, independent infrastructure fund management firm, has announced the appointment of Edward Lloyd, as a director and Adrian Kong and Yaatha Aiyel​, as new associates. Read more
  • September 22, 2016

    Future Fund, QIC, GIP and OMERS acquire 50-year lease of Port of Melbourne

    The Lonsdale Consortium comprising the Future Fund, QIC, Global Infrastructure Partners (GIP) and OMERS was today named by the Victorian Government as the successful acquirer of a 50-year lease of the Port of Melbourne, Australia's leading trade gateway. Read more
  • September 20, 2016

    New South Wales seeks interest for major hospitals program

    The NSW Government committed more than AUD1 billion (US$753 million) at the 2015 state election to redevelop or upgrade the five hospitals, with works to get underway this term. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.