Morrison & Co shortlists bidders for PIP I fund

24 January 2020 - 12:00 am UTC

Morrison & Co. has chosen three parties for the final bid round for its Public Infrastructure Partners I (PIP I) fund sale, according to sources familiar with the matter.

They include AMP Capital, advised by Planum Partners, and two Korean groups: KDB KIAMCO, advised by ICA Partners, and a consortium led by Korean Teachers Credit Union (KTCU), the sources said.

Final bids are due at the end of March. Once a preferred proposal is chosen, it will take a few months before regulatory approvals are received from the NZ Overseas Investment Office (OIO).

The six assets in the fund are in New Zealand and Australia, but – unlike Australia’s Foreign Investment Review Board – the OIO does not pre-approve bids.

The fund’s investments include 100% of the New Zealand Schools II PPP – including schools in Queenstown, Auckland and Christchurch – 100% of the Auckland East Prison PPP, 49.9% of the AUD 1bn Melbourne Convention Centre (pictured) extension PPP and 50% of the University of Wollongong student accommodation precinct. 

Other investors who lodged indicative bids but were not successful include Aberdeen Standard Investments and Plenary Group, the sources said.

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