AMP Capital has announced that AMP Capital Community Infrastructure Fund (CommIF) has acquired a 49.99% equity interest in the South East Queensland Schools Public Private Partnership (PPP) project from the Commonwealth Bank of Australia.

The project has an enterprise value of over A$250 million with a 26-year concession period remaining.

The project involves design and construction as well as the maintenance and operation of seven new schools which accommodate more than 5,790 students in the high-growth areas of the Sunshine Coast, Western Corridor, the Gold Coast and Redlands.

AMP Capital Investment Director Julie-Anne Mizzi said:

"The South East Queensland Schools PPP project provides our clients with the opportunity to access stable, long term CPI-linked cash flows underwritten by availability-based payments from the Queensland Government.

We have specialised knowledge of the asset class and PPP asset management and following this acquisition now manage a portfolio of 24 schools in New South Wales, Queensland and South Australia, under PPP arrangements. These schools provide education to more than 16,700 primary, secondary, early childhood and special education students.

AMP Capital has an ongoing commitment to the Australian PPP market and CommIF is quickly becoming the partner of choice for secondary market social infrastructure assets in Australia and New Zealand."

The AMP Capital Community Infrastructure Fund invests in social infrastructure PPP assets within the education, health, justice, defence, community housing, recreational facilities and transport sectors.

Following this acquisition the fund's portfolio consists of eight social infrastructure concessions in Australia and New Zealand.

AMP Capital Investors acquired the RBS Social Infrastructure Trust from Royal Bank of Scotland (RBS) Australia. Then it renamed it as the AMP Capital Community Infrastructure Fund.

Leighton Contractors is the other shareholder in the project company.