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AMP Capital has completed the acquisition of 100 % of AquaTower from two subsidiaries of Hong Kong-based conglomerate Cheung Kong Holdings: CK Life Sciences International Holdings, which holds 51 %, and Cheung Kong Infrastructure Holdings, which holds the remaining 49 %.
The AMP Capital Community Infrastructure Fund (CommIF) has taken a 51 % stake in AquaTower while the AMP Capital Core Infrastructure Fund (CIF) will hold the remaining 49 %.
Julie-Anne Mizzi, AMP Capital Social Infrastructure Investment Director, stated:
After an exclusive sale process, we're delighted to now have AquaTower in our portfolio and to be working with water utility service provider TRILITY, which will operate and maintain AquaTower.AquaTower is a great example of the high quality of social infrastructure assets that are available at the moment in Australia. Interest in this asset class is continuing to be strong midway through the year and I look forward to pursuing additional assets on behalf of our clients.
AquaTower owns and operates four water treatment plants in the regional Victorian towns of Ararat, Great Western, Halls Gap and Stawell under a contract with Grampians Wimmera Mallee Water (GWMWater). The plants have been operating since 2002 and currently process approximately 2,400 mega litres each year for 13,100 users.
Upon acquisition, water utility service provider TRILITY (formerly United Utilities Australia) will take over the operations and maintenance of AquaTower.
TRILITY has a strong strategic relationship with AMP Capital and currently operates and maintains its other water asset, Murray River-based Riverland Water.