The AMP Capital Community Infrastructure Fund (CommIF) has closed the acquisition of a 100 % interest in the Partnerships Victoria in Schools Project from the Royal Bank of Scotland.

This project involves the operations and maintenance of 11 school facilities, including eight primary schools, one secondary college, one primary-to-year-nine school and one primary-to-year-12 school, located in the Greater Melbourne area for the remaining 23-year term. The transaction is subject to relevant government and regulatory approvals.

• Bank of Tokyo-Mitsubishi UFJ  (Financial)
• Norton Rose Fulbright (Legal)
• PwC (Tax and accounting)
• MBMpl  (Technical)
• Aon (Insurance)

Westpac, Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International financed the necessary debt for the acquisition.

This is the third schools Public Private Partnership (PPP) acquisition completed by CommIF during the last two years. It follows the acquisition of a 49.99 % equity interest in the South East Queensland Schools PPP project in August 2013 and the purchase of the South Australian Schools PPP project in May 2012.

The acquisition increases CommIF's interest to 35 schools in Victoria, Queensland, South Australia and New South Wales, with a capacity of more than 27,000 students.

CommIF is currently invested in nine social infrastructure assets in Australia and New Zealand worth approximately $1.2 billion in enterprise value, which incorporates the value of the equity and the debt. These include primary, secondary and tertiary education institutions and other assets in the health, justice, water and community sectors located in both Australia and New Zealand.