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Public Private Partnership for Wiri Prison

14 April 2010

Public Private Partnership for Wiri Prison

The Morrison and Co Public Infrastructure Partnership Fund ("PIP Fund") is pleased to learn that the Government intends to procure the new Wiri prison in a public private partnership ("PPP").

Peter Coman, Managing Director of the PIP Fund said, "This announcement is a very strong endorsement of our initiative to form the PIP Fund and it is a strong validation of the value the public private partnership model brings to the procurement of social infrastructure by the Crown".

"We are particularly pleased to see Infrastructure Minister Bill English’s statement that public private partnerships can provide better value to taxpayers, and his confirmation that the Government is open to broader private sector involvement in the delivery of social infrastructure."

Morrison & Co and Craigs Investment Partners are currently promoting the New Zealand Social Infrastructure Fund, which will provide an opportunity for retail and private investors to invest in the social infrastructure PPP sector. This offer is due to close on 30 April 2010. The New Zealand Social Infrastructure Fund will invest in the PIP Fund on substantially the same terms as Guardians of New Zealand Superannuation (NZ Superannuation Fund) and other institutional investors, providing a dedicated pool of capital to fund the delivery of social infrastructure assets through PPPs. The NZ Superannuation Fund has committed to invest $100 million in the PIP Fund and has appointed Morrison & Co as its exclusive investment manager in this sector.

The Morrison & Co PIP Fund will be able to invest in the Wiri Prison PPP if its involvement is limited to the design, construction, financing and life cycle maintenance of the prison. It will not invest in the custodial services element of a prison PPP.

Coman confirmed "We look forward to seeing this opportunity come to market and participating in further government PPP opportunities such as the schools PPP that is currently being evaluated by the Ministry of Education."

Ends

 For more information please contact:

Peter Coman, Morrison & Co peter.coman@hrlmorrison.com, 09 304 0302, 021 366 040

Also see this announcement on Beehive.govt.nz

Download this press release here

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