Palisade Investment Partners, a specialist manager of Australian unlisted infrastructure, has reached financial close on the acquisition of an interest in the Gold Coast University Hospital and Private Hospital Car Parks project, located in Australia.

The interest in the project was acquired from Investec Bank Plc, who will retain an interest.

The project holds a concession to operate the car parks servicing the Gold Coast University Hospital operated by the Gold Coast Hospital and Health Services (Queensland Health) and the Gold Coast Private Hospital operated by Healthscope Limited.

The hospitals are located within a new 200 hectare purpose-built Health and Knowledge Precinct in Southport, approximately 6.5 km northwest of Surfers Paradise. The Public Hospital Car Park has 2,297 bays and commenced full operations in September 2013. The Private Hospital Car Park commenced operations in March 2016 and comprises 496 bays. The car parks will continue to be managed by Secure Parking.

Investec Australia Limited (IAL) advised Investec on the sale process and prior to the acquisition by Palisade successfully refinanced the project’s debt on competitive terms with National Australia Bank. Palisade was advised by Grant Samuel.

The acquisition of the Gold Coast University Hospital and Private Hospital Car Parks increases Palisade’s investment into the Gold Coast. Palisade manages an interest in the 13 km Gold Coast Light Rail PPP project which has been operating since 2014. Earlier this year Palisade made a further investment into the 7.3 km expansion of the light rail, which is under construction.

Vicki Rigg, Investment Director at Palisade, said:

“Palisade focuses on acquiring mid-market assets that exhibit low levels of operating risk and stable cash flows. The acquisition of the Gold Coast University Hospital and Private Hospital Car Parks will achieve this through a combination of captive demand, limited direct competition, known operating history and expansion opportunities. This investment provides additional diversity to our clients’ infrastructure portfolios.”