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- Release Date: 20/12/13 19:16
- Summary: ASSET: IFT: Infratil formalises commitment to Australian PPP projects
- Price Sensitive: No
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IFT
20/12/2013 17:16
ASSET
REL: 1716 HRS Infratil Limited
ASSET: IFT: Infratil formalises commitment to Australian PPP projects
Infratil announced on 25 October 2013 that it intended to commit A$100
million to pursue greenfield availability based public-private partnership
(PPP) opportunities in Australia via the Australian Social Infrastructure
Partners (ASIP) platform.
Infratil has now formalised that commitment, entering into a conditional
subscription deed under which it will subscribe for units in the two trust
vehicles that make up ASIP: Public Infrastructure Partners Australia (PIPA)
and Leighton Contractors Infrastructure Partners (LCIP), both of which are
managed by H.R.L. Morrison & Co. Following the subscription, Infratil will
own 55% of the units in each vehicle. No additional management fees will be
payable to H.R.L. Morrison & Co. as a result of the commitment.
ASIP has currently invested in the South East Queensland Schools PPP and New
Royal Adelaide Hospital PPP. Approximately A$11.7 million will be paid by
Infratil on subscription, reflecting Infratil's share of capital called for
those two investments plus returns to date. The balance of the A$100m
commitment is likely to be called over a 2-3 year period as bids for PPP
opportunities are progressed.
The subscription deed is conditional on obtaining certain change of control
consents, which are expected to be obtained by the end of January 2014.
Marko Bogoievski
Chief Executive Officer
End CA:00245564 For:IFT Type:ASSET Time:2013-12-20 17:16:53
