AMP buys Australia schools project from RBS

The Partnerships Victoria in Schools 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, all located in the Greater Melbourne area.

The project still has 23 years to run. When it was put out to tender in 2008 the winning bid was worth A$255 million ($232 million).

"Social infrastructure investments, such as this one, aim to give investors a stable, high-yielding income stream with the added benefit of having a positive impact on the local community. We're finding there continues to be a lot of interest in this space," Julie-Anne Mizzi, the fund's investment director, said in a statement.

The Axiom Education Victoria consortium won the PPP contract to design, build, finance, and maintain the schools for a 25-year period. The facilities opened in 2010 and 2011. ABN AMRO was the consortium's sponsor. RBS acquired ABN AMRO's Australia and New Zealand business in 2007 as part of a takeover of the Dutch bank, and it was subsequently rebranded.

This is the third schools PPP acquisition by the Capital Community Infrastructure Fund in the last 18 months. It now has interests covering 35 schools in Victoria, Queensland, South Australia and New South Wales, serving more than 27,000 students.

The fund is currently invested in nine social infrastructure assets in Australia and New Zealand worth a combined A$1.2 billion, including equity and debt.

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• Topics
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• AMP Capital Investors
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• buyout