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AMP Capital has acquired a 21 per cent stake in the Victorian Comprehensive Cancer Centre (VCCC) building from funds managed and/or advised by Partners Group on behalf of investors in its Community Infrastructure Fund (CommIF).
The VCCC is Australia’s first dedicated cancer research and treatment facility with the vision to save lives through the integration of research, education and patient care. Plenary Health completed the project on-time and on-budget at a total cost of A$1 billion and operations began seamlessly in June 2016. It operates as a public private partnership (PPP) with the Victorian state government under a 25-year concession.
Located in the Melbourne Biomedical Precinct, the 13-storey VCCC houses the Peter MacCallum Cancer Centre with 160 inpatient beds, 110 day beds and eight operating theatres. It can host up to 1,200 researchers and offers education and training facilities.
AMP Capital Head of Social Infrastructure and Aged Care Julie-Anne Mizzi said: “This acquisition is a great start to the year for CommIF and I am extremely pleased to have secured a stake in VCCC for our clients.
“The VCCC deal follows a successful fundraising campaign for CommIF where we raised $360 million from existing investors through a rights-issue offer in September 2017 as well as from new and existing investors who have made commitments since October 2017. We are also excited to see increased interest in CommIF from overseas investors. CommIF holds a strong track record in the social infrastructure market, showcasing its position as a leading investor and manager of PPP assets.”
AMP Capital was advised by King & Wood Mallesons, Deloitte and Altus Group.
CommIF invests in high-yield, brownfield, social infrastructure PPP assets in Australia and New Zealand in sectors such as education, health, justice, defence, community housing, recreational facilities and transport. The fund now has 13 assets worth more than $650 million.
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