AMP Capital has completed refinancing of the Eastern Goldfields Regional Prison PPP Redevelopment Project (EGRP) and removed all future refinancing risk from the Project.
The investment is held in AMP Capital’s Community Infrastructure Fund (CommIF). This is the second refinancing undertaken since the redevelopment project was acquired by CommIF in 2016, when A$200 million was raised from Commonwealth Bank of Australia (MLAUB) and DZ Bank AG.
As part of the current transaction, all project debt has been reclassified via a fully amortised 18-year facility. This has removed all future refinancing risk from the project. AMP Capital’s Debt Advisory Team acted as financial advisor throughout the transaction.
AMP Capital CommIF Head of Asset Management Simon Hunter said: “We’re extremely pleased with the refinancing terms achieved. It’s an excellent outcome for our investors and demonstrates our strong partnership with the West Australian Government’s Department of Justice to deliver one of Australia’s leading social infrastructure PPP projects.”
EGRP is a public-private partnership established to leverage private sector expertise to redevelop, finance and maintain one of Western Australia’s modern secure regional facilities.
CommIF invests in high-yield, brownfield, social infrastructure PPP assets in Australia and New Zealand in sectors such as education, health, water, and recreational facilities. The fund provides investors with the opportunity for stable, long-term returns. CommIF has 17 assets with an aggregate enterprise value of approximately A$5 billion.
About AMP Capital
AMP Capital is a global investment manager with A$189 billion in funds under management as of 30 June 2020. AMP Capital has a heritage and strength in real estate and infrastructure, as well as considerable experience in fixed income, equities, and multi-asset solutions. It is 100% owned by AMP Limited, which was established in 1849, and is one of Australia's largest retail and corporate pension providers.