The AMP Capital Community Infrastructure Fund (CommIF) has handed back the Emergency Alerting System Public Private Partnership (PPP) project to the Victorian Government as agreed following the end of the seven year project term.
The transaction is the first of its kind in Australia, being the first PPP to be handed back to a state government at the end of the project term.
The project included the design, construction, operation and maintenance of 228 communication sites and towers, as well as transmission equipment and hand held messaging devices for more than 40,000 emergency services personnel in the Country Fire Authority, State Emergency Services and Ambulance Victoria.
“Working with the Victorian Government and our subcontractors on the hand back of the Emergency Alerting System PPP symbolises everything that a successful PPP should – the public and private sectors working together as true partners to achieve a successful project outcome,” AMP Capital Portfolio Manager Julie-Anne Mizzi said.
“The successful operation and performance of the Emergency Alerting System PPP and seamless transition at the end of its concession term demonstrates AMP Capital’s strong in-house PPP management capability.”
The $124.2 million CommIF portfolio invests in eight social infrastructure assets in Australia and New Zealand including schools, TAFE colleges, water treatment plants and hospital car parking.
“AMP Capital will continue to acquire additional social infrastructure assets to further grow and diversify our existing portfolio of PPPs to deliver investors stable returns and high income generation,” she said.
CommIF has delivered a 10.8 per cent yield per annum after fees, since inception in 2006.