News / PIP Fund announces new investment in Australian health worker accommodation

PIP Fund announces new investment in Australian health worker accommodation

🕔 May 16, 2013
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The Morrison & Co Public Infrastructure Partners Fund has announced an investment in key health worker accommodation in Victoria, Australia. This is the third successful investment for the PIP Fund which has been established to invest in community related infrastructure assets on behalf of New Zealand institutional, community and retail investors.

The PIP Fund has invested in the development and long term ownership of 120 residential apartments required for key health workers at the Bendigo Hospital. The residential scheme has an expected end value c.A$20 million and has been leased for 30 years to the Bendigo Health authority.

Bendigo Health is currently procuring new hospital facilities through a c.A$600 million public private partnership and requires modern, fit for purpose residential accommodation for short tenure staff and visiting professionals.

The transaction fits the PIP Fund's investment criteria which targets long term, low risk government backed cashflows. The lease structure provides for annual inflation indexation. The PIP Fund completed New Zealand's first PPP transaction in 2012 with the Hobsonville Schools transaction, it currently owns 50% of the Melbourne Convention and Exhibition Centre and has been shortlisted as  one of two bidders for the Transmission Gully PPP currently being procured by NZTA.

PIP Fund's owners are the New Zealand Superannuation Fund, New Zealand Social Infrastructure Fund (NZSIF), and a number of local community trusts. The PIP Fund is managed by Morrison & Co, the New Zealand infrastructure investment firm best known for establishing and managing Infratil.

Source: Morrison&Co

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