QIC buys into B&B NZ infrastructure
Queensland institutional investor QIC has picked up a key Babcock and Browne Infrastructure (BBI) investment — 50 per cent of the operations of New Zealand generator PowerCo for around NZ$400 million.
The transaction has delivered some much-needed liquidity to BBI and prompted Babcock and Browne Infrastructure chief executive Jeff Kendrew to claim that it had validated the company’s view of the underlying assets within the company.
Commenting on the transaction, QIC head of global infrastructure Ross Israel said PowerCo was a core regulated utility, which QIC expected would provide stable long-term returns.
PowerCo is New Zealand’s second largest electricity and gas distribution business with over 40,000 connected customers.
PowerCo also has a gas network and retail business in Tasmania, which has been excluded from the sale process.
AUTHOR
Mike Taylor
Recommended for you
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
