Morrison & Co is pleased to confirm that the Australia Social Infrastructure Partners (“ASIP”) fund has completed its first acquisitions following achievement of first close in December 2012. ASIP is Morrison & Co’s second fund in the PPP sector, and is focussed exclusively on availability-based PPP projects in the Australian market. The fund comprises three trusts: the Leighton Contractors Infrastructure Partners Unit Trust (“LCIP”) and the LCIP Co-Investment Unit Trust (“LCIT”), both of which are co-sponsored by Leighton Contractors; and the Public Infrastructure Partners Australia Unit Trust.
The assets purchased are interests in the South East Queensland Schools and the Royal Adelaide Hospital PPP projects, which were acquired from Leighton Contractors as part of a broader strategic alliance to pursue the A$30 billion pipeline of availability-based PPP projects in the Australian market. Under the alliance arrangements, ASIP’s institutional investors will have the opportunity to participate in future Leighton Contractors’ PPP projects through LCIT.
Mark Mudie, Executive Director of ASIP, described the acquisitions and Leighton Contractors relationship as significant milestones for the ASIP fund. “The South East Queensland Schools and Royal Adelaide Hospital PPP projects are attractive foundation assets for the fund. Looking beyond these first investments ASIP, through LCIT, has preferred access to upcoming social infrastructure PPP opportunities working with Leighton Contractors, who have outstanding experience and track record in the delivery of PPP projects.”