A consortium led by Fiera Axium Infrastructure has reached commercial and financial close on a C$174 million (€124 million; $167 million) prison public-private partnership (PPP; P3) in Quebec, Canada.
The social infrastructure project is the first detention centre P3 in Quebec, according to state agency Infrastructure Quebec.
Infrastructure Quebec in April awarded the project to the consortium, named ‘Horizon Justice Sorel Tracey’.
Fiera Axium teamed with developer Pomerleau and Johnson Controls for the design, build, finance, operate, and maintain (DBFOM) concession.
Fiera Axium Infrastructure Canada II is investing equity in the project. The P3 is the first social infrastructure investment for the fund, as well as its first investment in the province of Quebec.
The greenfield PPP is a 300-cell, 80-bed facility named the Sorel-Tracy Detention Centre, to be based in Montreal. Fiera Axium will earn revenue via availability payments.
Fiera Axium Infrastructure Canada II, combined with Fiera Axium Infrastructure US, are feeder vehicles into the Fiera Axium North America Fund.
Toronto-headquartered Fiera Axium Infrastructure is jointly controlled by Fiera Capital and Axium Infrastructure Management.