Infrastructure investor Infratil is looking for potential buyers of a group of mature investments across Australia and New Zealand’s health, education and prison sectors, according to the Australian Financial Review.
It said Morrison & Co, which manages Infratil, had hired KPMG Corporate Finance to run “Project Crystal” and test buyer appetite for an 11-year-old fund that owns seven assets.
A document outlining the potential sale has been sent to potential buyers.
The assets are all publicly owned, managed by private companies and are held in Morrison’s Public Infrastructure Partnership Fund (PIP Fund).
The assets include stakes in several New Zealand schools, Auckland Prison, Australian university student accommodation, a convention centre, and a health facility.
The paper said sources were valuing the portfolio at between $300 million to $400m.
The preliminary sales document said Morrison started the fund in 2008 and it had three years left to run.
Potential buyers were named as Australia’s AMP Capital, which has a similar sort of fund, as well as superannuation funds looking for long-life infrastructure assets.
No immediate comment from Morrison & Co was available.