Capella Capital expands into M&A with acquisition of an interest in Waikeria Prison in NZ

Capella Capital, Australia's leading public infrastructure developer, financial advisor and asset manager  its first major acquisition as principal investor and buy-side financial advisor, leveraging its end-to-end PPP greenfield capability with the acquisition of an interest in Waikeria Prison in New Zealand.

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Traditionally recognised for greenfield mega projects including the Victorian-based $11.1billion North East Link and the $6 billion Metro Tunnel and Stations, Capella is now expanding into brownfield M&A together with a global growth strategy.

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Aspart of the transaction, Capella Capital and co-investor Invesis will each acquire 30% equity in Cornerstone Infrastructure Partners (CIP) from Morrison managed Public Infrastructure Partners funds, which currently owns 60% in Waikeria Prison. The remaining 40% equity continues to be owned by Pacific Partnerships.

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Opened in June 2025, the new Waikeria Prison covers 21 hectares with 28 buildings and596 high security beds including 96 dedicated beds to support the Mental Health and Addictions Service.

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Preparations are also underway to expand the facility with an additional 810 beds targeted for completion in 2029.

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Capella Capital Managing Director, Malcolm Macintyre says Capella is traditionally recognised for its excellence in bidding and successfully delivering large complex greenfield projects.

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“Asa full lifecycle infrastructure partner, and following the investment by Sojitz in Capella, we now have the ability to acquire, optimise and manage brown field assets as principal investor while continuing to leverage our substantial financial advisory skillsets.

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“Having come from a background of end-to-end greenfield infrastructure capability including consortium leadership, project development, financial structuring, investing, project delivery, and asset and funds management, we’re now ideally positioned to move into the M&A space, particularly as a long-term partner for mature assets.”

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