A ₩475.7 billion (A$559.5 million) deal for Australian and New Zealand infrastructure assets has been won by a Korean consortium comprised of NH Investment & Securities and KDB Infrastructure Investments Asset Management (KIAMCO). The consortium was formed to diversify the companies’ infrastructure assets away from office buildings, which are in low demand while people work from home.
New Zealand-based H.R.L. Morrison & Co will sell assets from their Public Infrastructure Fund including schools, convention centres, dormitories and prisons. In Australia, the consortium will have a 49.9% stake in the Melbourne Convention Center, 50% stake in the University of Wollongong’s student accommodation and 100% stake in the Bendigo Hospital’s health worker accommodation.
Approval by the Australian and New Zealand governments will be required before the deal is closed.
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