In a 25-year undertaking with the developers of the showcase asset, Plenary Group, Wellington-based investor Morrison & Co. is taking a 50% stake in Melbourne's new convention centre and Exhibition Centre. Under the terms of the agreement between Plenary and Morrison's vehicle, the sum invested is secret. This is the first ever investment by the Public Infrastructure Partnership Fund, since it got established.

It is also trying hard to be a part of any Public-Private Partnership to build a National Convention Centre in New Zealand. Morrison and Co. manage PIP Fund and its investors include the NZ Superannuation Fund and the NZ Social Infrastructure Fund.

Steven Proctor, Executive Director of the PIP Fund said, "The fact that we're able to invest under a joint venture arrangement with a specialist local PPP investor like Plenary Group makes this all the more attractive for us".

A National Convention Centre will soon be developed by New Zealand Ministry of Economic Development, though the proffered location has not been revealed yet. PIP Fund is interested to participate in building this Centre in New Zealand as a public-private partnership.

The Melbourne Convention Centre has a "Six Star Green Star" environmental rating for design and it includes a 5000 seat hall, 32 meeting rooms and a magnificent banquet room. It got completed last year and has won a lot of architectural awards.