The Caisse and Plenary Group partner on five Australian public-private partnership projects
The Caisse de dépôt et placement du Québec and Australian leader Plenary Group reached an agreement for the Caisse to invest in five public-private partnership (PPP) projects on Australian soil, including the Melbourne Convention Centre. The Caisse's investment totals AU$139.2 million and will be divided among the five projects.
"Through this partnership with Plenary Group, the Caisse is investing directly in Australia for the very first time," explained Macky Tall, Senior Vice-President, Investments, Infrastructure at the Caisse de dépôt et placement du Québec. Our two organizations share a single vision, that is, to invest in projects presenting predictable long-term returns. Australia is full of interesting projects and we are pleased to be making an initial foray with this local partner."
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Plenary Group Australia Managing Director, Paul Oppenheim, said that, following on from an alliance established with Palisade Investment Partners representing Australian superannuation fund investors, the investment represented the most strategic equity arrangement Plenary Group Australia has entered into since its establishment in 2004. “Beyond this initial investment, Plenary Group Australia and the Caisse have entered into an alliance to consider co-investing in future social infrastructure projects originated by Plenary Group, creating significant opportunities in the Australian PPP market for both parties”, he said. “The investment will see Plenary Group continue its long term operational responsibilities for the five Australian PPP projects.”
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The other projects in which the Caisse has invested include Australian Defence Force accommodation units, a hospital in Berwick in southeast Melbourne, and South Australian Police and Court facilities. All the projects are carried out under long-term contracts with various Australian government bodies.
A sixth joint investment should be announced by the two organizations later this year.
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2010, it held $151.7 billion in net assets. As one of Canada’s leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. For more information: www.cdpq.com.
ABOUT PLENARY GROUP AUSTRALIA
Plenary Group is an independent long-term investor, developer and operator of public infrastructure with businesses in both Australia and Canada. Plenary Group Australia has quickly grown into the largest specialist PPP business in the region, successfully achieving financial close on nine (9) PPP projects in the Australian market. Plenary Group projects in Australia have a project capitalisation of over A$5 billion. www.plenarygroup.com.
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