Australia’s AMP Capital has increased its holding in Victorian Desalination Project (VDP) to 16.5%, following the purchase of a 6.8% stake from Infrastructure Australia.
IPE understands the incremental stake cost was around AUD100m (€63m). AMP declined to comment on the price.
The asset will go into AMP’s Community Infrastructure Fund (CommIF), which manages 13 assets valued at AUD760m.
VDP - a public private partnership (PPP) project - is contracted to deliver water to Melbourne until 2039.
Charles Savage, CommIF fund manager, said: “The acquisition increases the fund’s exposure to the water sector and will sit alongside existing water assets such as Riverland Water and AquaTower.”
He said CommIF invests in high-yield, brownfield, social infrastructure PPP assets in Australia and New Zealand, in sectors such as education, health, corrections, community housing, water and recreational facilities.