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Amber-advised fund acquires five New Zealand infrastructure assets from Morrison & Co for £105m

Morrison & Co is to to sell five New Zealand infrastructure assets to Amber Infrastructure Group for approximately NZ$200 million (£105 million). Under the agreement, the five assets from Morrison & Co’s Public Infrastructure Partners portfolio will be 100% owned by the Amber-advised, London-listed investment company, International Public Partnerships Limited.

Morrison & Co is to to sell five New Zealand infrastructure assets to Amber Infrastructure Group for approximately NZ$200 million (£105 million). Under the agreement, the five assets from Morrison & Co’s Public Infrastructure Partners portfolio will be 100% owned by the Amber-advised, London-listed investment company, International Public Partnerships Limited (INPP).
 
Launched by Morrison & Co in 2009, the Public Infrastructure Partners (PIP) portfolio was New Zealand’s first fund dedicated to investing in public-private partnerships and was designed to support the provision of essential, social infrastructure. Following on from the first fund’s success, Morrison & Co developed and managed four other PIP funds, over the course of a decade. Amber’s acquisition of five assets from this fund represents its entry into the New Zealand market, providing the specialist international investment manager with a significant presence in the country and a platform for further growth.
 
The five assets are all located in New Zealand and include: The Hobsonville Point Primary and Secondary Schools (NZ Schools I Public Private Partnership) together with NZ Schools II Public Private Partnership and NZ Schools III Public Private Partnership, comprising six schools in Auckland, three schools in Canterbury, one in Hamilton and one in Queenstown; and Auckland prison, which was procured under a Public Private Partnership; and Student accommodation at the Auckland University of Technology.
   
The five infrastructure assets join Amber’s growing Australian investment portfolio which now totals assets worth more than $9 billion across the public, healthcare, transport, energy, and digital sectors.
 
The transaction remains subject to regulatory approvals, including from New Zealand’s Overseas Investment Office (OIO), counterparty consents and other standard conditions.
 

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