Ashurst works on $930m hospital PPP refinancing

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Ashurst has played a key role in the refinance of a major hospital public-private partnership in Sydney.

The global firm advised the banking syndicate involved in the $930m refinancing of the Royal North Shore Hospital PPP project. The group included MUFG Bank., Westpac, Natixis, ANZ, Norinchukin Australia, and Sumitomo Mitsui Trust Bank.

Ashurst said that the project’s investor is AMP Capital Community Infrastructure Fund. This transaction is the first refinancing of the Royal North Shore Hospital PPP since the fund bought the project from Royal Bank of Scotland in 2015.

The Ashurst team was headed by partner Chris Redden. He was assisted by counsel Doug Fung and associates Mitchell Bazzana and Jerome Kadamongariga. Redden said that the transaction builds on Ashurst’s “strong relationship with AMP Capital.”

The global firm closed the investment manager’s refinancing of the South Australia Schools and Victorian Schools PPP projects earlier this year.