November 2019.
Sydney, Australia – Palisade Investment Partners (Palisade) is pleased to announce the successful selldown of Palisade managed equity in the Sydney Metro Northwest Operations, Trains and Systems PPP (Sydney Metro Northwest) to the remaining shareholders and Caisse de dépôt et placement du Québec (CDPQ).
Sydney Metro Northwest opened to the public in May 2019 and comprises 13 railway stations between Tallawong and Chatswood and 4,000 new commuter car parking spaces.
Palisade-managed investors have been invested in Sydney Metro Northwest since Financial Close in September 2014. The selldown is at an attractive return to Palisade managed investors and commensurate with the de-risking of the project following commencement of operations.
Palisade Executive Director Vicki Rigg said: “We are proud to have been involved in the delivery of such a fundamental piece of infrastructure to Sydney over the past five years, whilst at the same time generating an outstanding return outcome to our investors.”
Palisade’s Australian Social Infrastructure Fund (PASIF), alongside a Palisade direct investment mandate client, held a 20% ownership interest in Sydney Metro Northwest. Palisade remain long term investors in PPPs and currently manages an equity interest in eight PPPs, and recently invested in the expansion of Casey Hospital and will participate in the recently approved stage three extension of the Gold Coast Light Rail project.
PASIF has provided investors with a total return of 14.2% p.a., including 8.9% p.a. of gross income since inception to 30 June 2019.
For further information, please contact:
Vicki Rigg
Executive Director
Palisade Investment Partners
Ph: +61 2 8970 7810
vicki.rigg@palisadepartners.com.au
James Ward
Investment Director
Palisade Investment Partners
Ph: +61 2 8970 7814
james.ward@palisadepartners.com.au
Download the Media Release here