AMP Capital has taken a signficant stake in a state-of-the-art cancer research centre in Victoria via its unlisted infrastructure investment vehicle, the Community Infrastructure Fund.
AMP Capital said it has acquired Partners Group’s 21 per cent stake in the Victorian Comprehensive Cancer Centre (VCCC), a research and treatment facility that houses the Peter MacCullum Cancer Centre in Melbourne’s Biomedical Precinct.
Completed in June 2016 at a price of $1 billion, the VCCC combines research, education and patient care in one facility.
The building houses 160 inpatient beds, 110 day beds and eight operating theatres, and hosts up to 1,200 researchers.
The centre is a public private partnership (PPP) with the Victorian state government, which will make payments to AMP over the course of a 25 year contract.
Partners Group head of private infrastructure Asia, Benjamin Haan, said with the facility fully operational the firm had decided to sell its stake to an investor with a long-term investment horizon.
AMP’s Community Infrastructure Fund has now secured 13 high-yield, brownfield, social infrastructure PPP assets worth more than $650 million.
AMP Capital head of social infrastructure and aged care Julie-Anne Mizzi said the fund will continue to focus its investment strategy in the PPP sector.
The fund invests in social infrastructure projects in Australian and New Zealand sectors such as education, health, justice, defence, community housing, recreational facilities and transport.