AMP Capital nets Perth Stadium stake

14 March 2019 - 12:00 am UTC

AMP Capital has acquired half of the equity in the Optus Stadium in the Australian city of Perth from John Laing, the fund manager said on Thursday (14 March).

 
The Community Infrastructure Fund (CommIF) will hold the 50% shareholding in Westadium, the project company for the 60,000 seat stadium, alongside Aberdeen Infrastructure Investments.
 
Westadium has been on the market since the middle of last year, as Inframation reported. The price and terms of the deal, which reached financial close earlier this month, were not disclosed in a statement issued by AMP Capital. 
 
John Laing also declined to comment on the price or whether other groups bid against AMP Capital.
 
The stadium cost AUD 1.4bn to build and opened in 2017. It was procured as a Design, Build, Finance and Maintain PPP between the West Australian government and Westadium on a 25-year concession. 
 
Under the PPP contract, the state provided 60% of the capital cost. While the sale was underway Westadium refinanced the original AUD 381m debt on the project for another five years.
 
NAB and Canadian Imperial Bank of Commerce lent on the refinancing which closed on 21 September, 2018, according to the Westadium financial report for that year.
 
Optus Stadium plays host to sporting events, including cricket, rugby union, rugby league, AFL, soccer and concerts and can be adapted to a “rectangular field” setup with a 12-hour turnaround. The stadium’s two 340m² video screens are among the largest in Australia.
 
CommIF now has 14 assets under management in its portfolio and has invested more than AUD 830m in equity. The social infrastructure fund recently upped its stake in the Victorian Desalination Plant to 16.5% after acquiring another 6.8% stake from Infrastructure Investments (Australia) LLP.
 
Clayton Utz, Deloitte, Aon and MBM advised AMP Capital on the transaction.