Plenary expands asset management business

The Australian infrastructure company has acquired Sydney-based InStruct, adding two PPP projects to its existing portfolio.

Plenary Group, the Australian infrastructure investor and developer, has expanded its asset management business through the acquisition of InStruct Corporation, a Sydney-based management services provider.

“[This acquisition] is an important step for Plenary’s growing asset management business and complements our infrastructure development expertise,” Plenary’s managing director Paul Oppenheim said in a statement on Thursday, noting that the move broadens the company’s footprint in the growing South Wales market.

Plenary did not disclose financial details of the deal. A spokesperson was not immediately available to comment.

InStruct’s portfolio includes the A$700 million ($530.5 million; €469.1 million) Royal North Shore Hospital and the A$250 million Wollongong University student accommodation PPP projects.

Plenary’s asset management business encompasses various infrastructure sub-sectors including transportation and social infrastructure.

Recent projects Plenary is involved in include the Rapid Bridge Replacement project, an $899 million PPP that entails replacing 558 bridges in Pennsylvania, and the Milton District Hospital project, in Ontario, Canada. The company is also among the shortlisted teams for the University of California (UC), Merced campus project, which will be the first time an availability payment-DBFOM (design, build, finance, operate and maintain) model is used for an educational facility in the US.