July 2021.
Palisade Investment Partners (Palisade) is pleased to announce the successful refinancing of a $65 million, five year debt facility for the Gold Coast University Hospital and Private Hospital Carparks (GCHCP).
The debt facility was amended and extended with incumbent sole lender National Australia Bank (NAB).
GCHCP is a concession to operate car parks with approximately 3,000 bays servicing the public Gold Coast University Hospital and the Healthscope operated Gold Coast Private Hospital. The hospitals are located within a 200 hectare purpose built Health and Knowledge Precinct in Southport, approximately 6.5km north-west of Surfers Paradise.
Palisade Executive Director Vicki Rigg said: “The refinancing outcome reflects the quality and resilience of the GCHCP assets, with the new debt facilities achieving attractive pricing and terms for investors, notwithstanding the impact of COVID-19 on the operations of hospitals over the last 15 months.”
GCHCP was advised by MUFG and Allens, whilst NAB were advised by King & Wood Mallesons (KWM).
The transaction is a successful example of Palisade’s active approach to treasury risk management, which seeks to manage refinancing risk by targeting diversity of funding tenor and source across its portfolio.
Palisade is invested alongside Investec Bank plc in the GCHCPs, with Palisade managed investors including Palisade’s Diversified Infrastructure Fund (PDIF) and one of Palisade’s direct mandate clients.
PDIF has provided investors with a total return 11.8% per annum, including 8.1% of gross income, over the five years to 30 June 2021.
For further information please contact:
Palisade Investment Partners
Benjamin Sweeney
Senior Investment Manager
+61 2 8970 7812
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