Chapman Tripp advises InfraRed Capital Partners on sale of stake in Auckland South Corrections Facility PPP

InfraRed Capital Partners has sold its 40% interest in the Public Private Partnership (PPP) at Auckland South Corrections Facility (ASCF) to the AMP Capital Community Infrastructure Fund. The transaction is the first secondary PPP transaction in New Zealand.

The Chapman Tripp team was led by partners Leigh Kissick and Josh Blackmore, with assistance from senior solicitor Chris Gillies, and solicitors Kelly To and Tory Hansen. Chapman Tripp advised InfraRed Capital Partners on all aspects of the sale.

Sven Stubičan, InfraRed’s Head of Australia and New Zealand, said, “We are proud to have seen this important asset successfully through construction and into the operating phase. Since completion of the facility in January 2015, and operational commencement in mid-2015, we have worked closely with the New Zealand Department of Corrections to deliver a range of rehabilitation, educational and support programmes to prisoners. This has been a central goal of the project with the dual-aim of assisting offenders to re-integrate into the community and reducing the likelihood of re-offence. We have every confidence in the project’s ongoing success.”

Partner Leigh Kissick said, ”We were delighted to assist InfraRed on its successful sale of its interest in ASCF, an asset that InfraRed was instrumental in developing under contract from the Department of Corrections. This was a landmark transaction for the New Zealand infrastructure market and as New Zealand’s PPP projects begin to mature we expect a further pipeline of transactions.

“A healthy secondary market for infrastructure assets is critical for New Zealand as it gives investors the confidence to invest in the development of new infrastructure,” adds Kissick.

The transaction closed earlier this month, following approval from the Overseas Investment Office and the Department of Corrections. 

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Related topics: Corporate & commercial; Project finance; Public private partnerships

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