The Morrison & Co Public Infrastructure Partnership Fund (PIP Fund) today announced a joint venture agreement with Plenary Group through which the PIP Fund will invest in the Melbourne Convention & Exhibition Centre Public-Private Partnership(PPP). The Melbourne Convention Centre was completed in 2009 and includes a 5,000 seat hall, 32 meeting rooms and a grand banquet room. It is the first convention centre in the world to receive a '6 Star Green Star' environmental rating for design and has won a number of architectural awards.
Under the PPP model the public sector retains responsibility for attracting events to the Convention Centre. The private partner is contracted to build and maintain the facility, and receives a pre-agreed ongoing payment for making it available for use.
Steven Proctor, Executive Director of the PIP Fund, said the investment in the Melbourne Convention & Exhibition Centre provides an excellent opportunity for the Fund to participate in a high quality, operational PPP asset: "This is an outstanding facility which is operating well and has a 25 year PPP contract in place. As such it represents an ideal long term, stable investment for our PIP Fund. The fact that we're able to invest under a joint venture arrangement with a specialist local PPP investor like Plenary Group makes this all the more attractive for us."