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Biosciences Research Centre $230m debt refinancing complete

January 2019.

Palisade Investment Partners (Palisade) on behalf of Palisade’s Australian Social Infrastructure Fund (PASIF) is pleased to announce the successful refinancing of a new $230m debt facility for the Biosciences Research Centre (Project).

National Australia Bank, as lead arranger, provided a fully underwritten 17-year debt tranche that aligns to the end of the Project’s concession term, eliminating refinancing risk from the Project. Plenary Group was the project’s financial adviser.

Executive Director Vicki Rigg said, “The refinancing has capitalised on favourable long-term pricing and terms in current debt markets.”

“The full-term refinancing of the Project, aligned with the remaining concession term, has removed refinancing risk and represents a significant milestone for the Project.”

“We would like to thank Plenary Group, National Australia Bank, our co-investors and the Victorian Government for their continued support.”

The transaction is a successful example of Palisade’s active approach to managing refinance risk through its treasury risk management framework, which seeks to manage refinancing risk by targeting diversity of funding tenor and source across its portfolio, enhancing risk adjusted returns to investors. Since inception in 2011 to December 2018, the PASIF portfolio has provided investors with a total return of 14.3% p.a., including 8.4% p.a. of income before fees.

For further information, please contact:

Simon Parbery
Investment Director
Palisade Investment Partners
Ph: +61 2 8970 7811

James Ward
Investment Director
Palisade Investment Partners
Ph: +61 2 8970 7814

About Bioscience Research Centre
The Project is a joint initiative of the Victorian Government and La Trobe University. It is Australia’s premier biosciences facility with some 33,000-square-metres of research laboratories, glasshouses and office accommodation for more than 400 scientists, students and support staff.  Its program of plant, animal, and biosecurity research and diagnostics supports and protects Victoria’s $11.6 billion agricultural sector. In 2009 the Victorian Government contracted the Plenary Research consortium – comprising Plenary as financial arranger, financial arranger, investor and asset manager; builder Grocon; and facilities management provider Honeywell – to design, build, finance, and maintain the facility for 25 years.