AMP Capital has agreed to acquire an additional stake in a major infrastructure program on behalf of its infrastructure fund investors.
The investment manager has agreed to acquire an additional 6.8 per cent stake in the Victorian Desalination Project from Infrastructure Australia LLP on behalf of investors in its community infrastructure fund.
The acquisition is the latest in the program for AMP Capital after first acquiring 5.2 per cent in September 2016 and 4.55 per cent in December 2017.
The total AMP Capital share in the desalination project is now 16.5 per cent and CommIF fund manager Charles Savage said the acquisition increased the fund’s exposure to the water sector.
“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.
Mr Savage said that the infrastructure fund had a strong track record and currently had 13 assets with a value of more than $760 million.
“CommIF holds a strong track record in the community infrastructure market as a leading investor and manager of PPP assets. We look forward to continuing our momentum by working with state governments and key stakeholders to deliver value-for-money projects that benefit the community,” he said.