Trio of firms wraps up schools deal

Peter Godfrey
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The acquisition of the Partnerships Victoria in Schools PPP by AMP has been completed thanks to work from Norton Rose Fulbright, King & Wood Mallesons and Minter Ellison.

The AMP Capital Community Infrastructure Community Fund (CommIF) acquired a 100% interest in the PPP from the Royal Bank of Scotland, in a deal that closed last Tuesday.

This is the third schools PPP acquisition completed by CommIF in the last 18 months, demonstrating the growing interest institutional investors have in post-construction social infrastructure.

KWM, led by banking and finance partner Jeff Clark, advised the Bank of Tokyo Mitsubishi UFJ, Westpac, and Mitsubishi UFJ Securities International on the debt-financing of the acquisition.

Norton Rose Fulbright – led by partners Nigel Deed and Chris Redden - acted for AMP.

Speaking with Australasian Lawyer, Deed explained that the deal was a further example of ongoing activity within the social infrastructure space. 

The Partnerships Victoria in Schools project was commenced in 2008, and involved the design, construction, operation and maintenance of 11 new schools in Melbourne.

A Minter Ellison team that included partners Paul Paxton and Daniel Scotti acted for the Royal Bank of Scotland, which initially bid for the PPP as part of the Axiom Education Victoria Consortium.

Paxton had previously led Minter Ellison in acting for Axiom Education Victoria Consortium on its successful bid for the Victorian Schools PPP in a deal which is the fastest successfully closed PPP transaction in Australia.    

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