Auckland uni seeks private partners

A university in New Zealand is seeking opportunities to divest part of its land and options for investment in campus assets.

Auckland's Massey University is seeking expressions of interest (EOIs) for a partner to realise the value of its 13.8 hectare Oteha Rohe Precinct in the Albany basin (Auckland North). Options may include purchase or long lease of the land with a short-term leaseback of the buildings.

Massey wants to unlock capital for reinvestment in the Albany campus. The site contains approximately 65 buildings, the vast majority of which can be relocated.

It is also seeking EOIs for commercial options for this development. Proposals are expected to outline options for investment to develop the Albany campus. The university is open minded on the structure that might be put in place, and whether it is connected to the disposal of Oteha Rohe.

The university's aspiration is to develop a further 100,000-150,000sq m of additional building space over the next 20-40 years on the other part of its campus. An indicative cost of this development is $500-$750m.

It is anticipated that the development model for the campus may be based on investor ownership of the shell and base building services of all new buildings, with the university owning the specialist fit-out of all buildings.

A request for financial proposals is to be issued in 2016. EoIs are due by 24 November and joint responses may be submitted.

Earlier this month, the Victoria University of Wellington issued an EoI for the design, financing, and development of its accommodation.