Whitehelm Capital has acquired the ITE College West PPP Project from Gammon Investments, on behalf of two Australian superannuation fund clients, MTAA Super and Prime Super.
Financial terms were not disclosed.
ITE College West PPP was the first social infrastructure PPP in Singapore, according to the infrastructure manager. It was also the first education project in Asia to be developed with an availability-based payment mechanism.
On-campus facilities enable the Institute of Technical Education to give students practical work experience with industry partners through a business town concept, according to Whitehelm. The post-secondary institution serves more than 7,700 full-time students.
“TE College West is a regional benchmark for a successful PPP model that rewards all stakeholders,” said Saji Anantakrishnan, head of Australia and Asia at Whitehelm. “The successful acquisition of ITE College West demonstrates our ability to source, execute and close competitive transactions in Asia.”
He added, “This investment in Singapore demonstrates Whitehelm’s disciplined approach and commitment to growing its footprint in Asia.”
Whitehelm said it continues to seek high-quality, operating, core infrastructure projects in the region.
Whitehelm Capital has invested nearly A$9.4 billion ($6.3 billion), with A$4.9 billion ($3.3 billion) in funds currently under management and A$19.9 billion ($13.4 billion) in funds under advice.
The firm offers investment capabilities across unlisted infrastructure, listed infrastructure and infrastructure debt.
