AMP Capital has acquired 100 per cent of the interests from the Royal bank of Scotland in the public private partnership.
Led by Nigel Deed and Adrian Ahern, Norton Rose Fulbright
advised AMP Capital.
“There is a degree of complexity that goes along with that a transaction of size,” he said. “It was a significant transaction that involved a large number of staff across our Sydney and Melbourne offices,” Deed said of the deal.
Three distinct businesses forming the project group were restructured as part of the deal and external debt provided to the project entities was refinanced. AMP Capital will own the asset until October 2036.
Minter Ellison and King & Wood Mallesons also acted on the deal, with Minter Ellison advising AMP’s financiers and King & Wood Mallesons acting for the Royal Bank of Scotland.
Deed expects that 2015 will be a big year for PPP transactions.
“There’s an active market in buying and selling secondary interests in PPPs and I think we would expect that to continue,” he said. “There is a lot of interest in the investment community in investing in funds into infrastructure transactions.”
A trio of major firms has advised on AMP Capital’s acquisition of the debt and equity interests of Sydney’s Royal North Shore hospital.