Infratil confirms that the sale of its 50% interest in the Australian National University’s Purpose-Built Student Accommodation concession to funds controlled by AMP Capital has completed. A co-investor, that held the other 50% interest in the ANU Portfolio, has also sold its interest on the same terms and conditions.

Infratil received cash proceeds of AUD 162.1 million (US$ 111.58 million) on completion, as well as distributions of AUD 4.8 million (US$ 3.30 million) in the period from March 31, 2019, to completion.

Infratil entered into the conditional sale agreement (announced on April 1, 2019) in reliance on a waiver from NZX Main Board Listing Rule 9.2.1 dated May 8, 2017. Reliance on the waiver was required to permit Infratil to undertake the divestment of the ANU co-investment transaction (with each of the co-investor and Infratil being advised by a related entity of H.R.L. Morrison & Co Group LP) without obtaining shareholder approval (such approval only being required given the co-investment relationship between the parties making them related parties for the purposes of the NZX Main Board Listing Rules).