Investing in innovation: state-of-the-art cancer centre

October 2012

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UniSuper is the largest equity investor in a project that will deliver a state-of-the-art facility, purpose-built for cancer research, treatment, care and education.

Located in Parkville, Melbourne, the world class Victorian Comprehensive Cancer Centre (VCCC) Project will provide a new home for the Peter MacCallum Cancer Centre and new research and clinical services for Melbourne Health (including the Royal Melbourne Hospital) and cancer research and education facilities for The University of Melbourne.

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VCCC construction site, Parkville

 

The new facility will house an estimated 1,200 cancer researchers and have a strong focus on education and training in addition to the provision of cancer treatment. It is jointly funded by the Australian and Victorian governments and is being delivered as a Public Private Partnership (PPP) with the Plenary Health consortium.

UniSuper Chief Investment Officer John Pearce described the VCCC Project as a “special investment opportunity” that not only has strong investment merits, but strikes a chord with UniSuper’s own values and responsibilities.

“Our decision to commit to being the largest equity investor with a holding of 49% was made after conducting extensive financial, legal and tax due diligence that confirmed the project aligns with our investment strategy,” said Mr Pearce.

“We are delighted that, while investing to deliver greater retirement outcomes to our members, we will also be supporting the work being done by some of our members and their employing organisations – and hopefully contributing to medical and health advances that will benefit the broader community,” he continued.

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Construction of the new $1 billion facility began in 2011 and is scheduled to be completed by the end of 2015.

Once built, the facility will accelerate the translation of research into new and innovative treatment, train Victoria’s cancer specialists and provide a centre of excellence for all Victorians affected by cancer.

The VCCC Project was recognised in July as one of the most innovative urban infrastructure projects from around the world in KPMG’s Infrastructure 100: World Cities Edition.

UniSuper has invested over $93 million in the VCCC Project and its investment will form part of UniSuper’s unlisted infrastructure portfolio. Other significant investments that make up UniSuper’s infrastructure portfolio include Adelaide, Sydney and Brisbane Airports. You can view our top investment holdings on our website.

Prepared by UniSuper Management Pty Ltd (ABN 91 006 961 799, AFSL No. 235907) on behalf of UniSuper Limited, ABN 54 006 027 121 the trustee of UniSuper (ABN 91 385 943 850). UniSuper Management Pty Ltd is the Administrator of the Fund and is licensed to provide financial advice, which is provided under the name of UniSuper Advice.

This information is of a general nature only and includes general advice. It has been prepared without taking into account your individual objectives, financial situation or needs. Before making any decision in relation to your UniSuper membership, you should consider your personal circumstances, the relevant product disclosure statement for your membership category and whether to consult a licensed financial adviser.