Australia: Norton Rose Fulbright advises AMP Capital on its acquisition of Royal North Shore Hospital PPP
Last Updated: 25 February 2015

Norton Rose Fulbright advises AMP Capital on its acquisition of Royal North Shore Hospital PPP

Norton Rose Fulbright has acted for AMP Capital in its acquisition of the debt and equity interests in Sydney's Royal North Shore public-private partnership (PPP) project.

The transaction saw AMP Capital acquire a 100 per cent interest in the Royal North Shore Hospital and Community Health Services PPP from the Royal Bank of Scotland (RBS). AMP Capital will own the asset until October 2036.

The hospital, which was established in 1885 and is located approximately six kilometres from Sydney's central business district, has about 750 beds and serves the four local government areas of Mosman, Willoughby, Lane Cove and North Sydney.

Together with the transfer of the equity interests in the project, the transaction involved a simultaneous refinancing of all of the external debt provided to the project entities. The transaction also required a restructuring of a complex PPP structure with three distinct businesses forming the project group as a whole.

Norton Rose Fulbright worked closely with AMP's other advisors on this project, including Bank of Tokyo-Mitsubishi UFJ and Deloitte. Minter Ellison were the legal advisor's to AMP's financiers and King & Wood Mallesons were the legal advisors to RBS.

Norton Rose Fulbright partner Nigel Deed said the hospital deal "further adds to our strong track record in guiding leading participants in the secondary PPP market in Australia through successful large scale acquisitions".

The team was led by Nigel Deed and Adrian Ahern, assisted by Jo Crew, Chris Redden, Joanna Taylor, Claire Whitney, Hannah Logan, Adam Joannou, Paul Dawson, Aaron Mundy, Nathan McKinnon, and Andia Petropoulos.

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