Bid groups firm for Morrison & Co fund sale

02 November 2019 - 12:00 am UTC

Morrison & Co’s Public Infrastructure Partners I (PIP I) fund sale looks likely to get at least four offers when indicative bids are due in mid-November, sources said.

AMP Capital has appointed Planum Partners to advise on its tilt at the fund, which could be worth NZD 300m in equity (USD 193m), three sources familiar with the process said. Meanwhile, Amber Infrastructure no longer plans to bid, said three separate sources.

Others still planning to bid include Korean investor, KDB KIAMCO, advised by ICA Partners, Aberdeen Standard Investments, advised by MUFG Bank, and Plenary along with CDPQ, the sources said.

Palisade Investment Partners was considering a bid, but it is unclear whether they are still going ahead.

Plenty elected to enter the dataroom to get access to details of the assets. The New Zealand Social Infrastructure Fund, an investor in PIP I, said at its AGM in late August that 25 non-disclosure agreements had been signed with interested parties.

PIP I has holdings in six social infrastructure PPPs. All are 100% owned by the fund except for the Melbourne Convention Centre (part owned by Plenary and CDPQ) and student accommodation at the University of Wollongong (part owned by Commonwealth Super Corp). Plenary is also asset manager of the Wollongong university PPP via its subsidiary, InStruct Corporation.

Other assets include: Auckland East Prison, four schools in Auckland, Christchurch and Queenstown and the Hobsonville School, New Zealand’s first school PPP. 

AMP Capital, Amber, MUFG, Plenary and CDPQ declined to comment. KDB, ICA and Aberdeen did not respond to calls and emailed requests for comment.

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