Palisade Investment Partners, the Australian infrastructure fund manager, has acquired an interest in the Gold Coast University Hospital and Private Hospital Car Parks project from London-headquartered Investec.
A first for Palisade, the project holds a concession to run the car parks servicing the Gold Coast University Hospital and the Gold Coast Private Hospital until March 2044. Investec retains a stake in the project.
The public hospital car park, which comprises 2,297 bays, commenced full operations in September 2013. The private hospital car park opened this March and is composed of 496 bays. The two car parks will continue to be managed by Secure Parking.
The hospitals are located in a new 200-hectare purpose-built precinct in Southport, 6.5km northwest of Surfers Paradise, Gold Coast’s entertainment and tourism centre.
“Palisade focuses on acquiring mid-market assets that exhibit low levels of operating risk and stable cash flows. The acquisition […] will achieve this through a combination of captive demand, limited direct competition, known operating history and expansion opportunities,” said Vicki Rigg, investment director at Palisade, in a statement.
Prior to the transaction, Investec refinanced the project’s debt through its Australian affiliate, taking a loan from National Australia Bank. No value was disclosed for the transaction, and the size of Palisade's interest in the project remains unknown. The firm did not respond to a request for comment before press time.
The project adds to Palisade’s existing investments in the region, which also include stakes in the 13km Gold Coast Light Rail PPP and its 7.3km expansion.
Palisade now manages over A$2 billion in funds and commitments, with a portfolio of more than 20 infrastructure assets. Earlier in April, the firm said it was committing up to A$400 million to an Australia-focused renewables vehicle in collaboration with the state-run Clean Energy Finance Corporation.