An AMP Capital infrastructure fund has taken full ownership the Riverland Water facility in South Australia by acquiring the remaining 50% stake it did not already own.

Community Infrastructure Fund (CommIF) has bought the additional stake from water utility service provider Trility Group for an undisclosed amount. Trility will continue to manage day-to-day operations following the sale.

Riverland Plants, which has an enterprise value AUD115m (€72m) to construct, is contracted to supply drinking water to SA Water, the South Australian water authority, on a 25-year concession.

AMP Capital is a founding investor in Riverland Water, which began operations in 1999 under a build-own-operate-transfer model in partnership with the South Australian Water Corporation.

AMP Capital CommIF Fund Manager, Charles Savage, said: “This is the second transaction for CommIF in 2018, following the acquisition of a 21% stake in the Victorian Comprehensive Cancer Centre in January.”

Savage said the fund remains “focussed” on expanding its presence in the social infrastructure market of Australia and New Zealand during 2018.

CommIF owns 13 assets with an enterprise value of more than AUD8bn. These include brownfield, social infrastructure PPP assets in Australia and New Zealand in education, health, justice, defence, community housing, recreational facilities and transport.