Two infrastructure investors eye stake in Ausgrid
Two Australia's infrastructure investors, IFM Investors and AustralianSuper, have submitted an unsolicited proposal to buy a 50.4 per cent stake in a 99-year lease of Ausgrid.
The NSW government, which already received the offer from the consortium comprising equal representation of IFM Investors, owned by 29 superannuation funds and representing a total of five million working Australians, and AustralianSuper, which had two million members and managed over $100 billion, was expected to make its final decision later in the year.
Details of the proposal remained confidential.
Ausgrid, which operated the electricity network and distributed electricity to the Sydney, Central Coast and Hunter regions, is said to be a high-quality core infrastructure asset that has been in operation for over 100 years.
AustralianSuper chief executive, Ian Silk, and IFM Investors chief executive, Brett Himbury, said: "AustralianSuper and IFM Investors are pleased to jointly submit this unique proposal and, if we are ultimately successful, intend to manage the asset in a responsible, considered manner over the long-term.
" IFM Investors, which has already made significant investments in NSW, manages over $72 billion across infrastructure, listed equities, debt investments and private capital, including investments in infrastructure sectors such as airports, seaports, toll roads, and electricity generation.
In NSW, it has invested in NSW Ports, Interlink Roads, Axiom Education, and the Eastern Distributor.
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