IFM Investors and AustralianSuper buy half of Ausgrid
A consortium of equal representation of IFM Investors and AustralianSuper has bought a 50.4 per cent interest in a 99-year lease of Ausgrid for $16.2 billion.
According to chief executive of IFM Investors, Brett Himbury, the move represented a new kind of ‘PPP', a true pension public partnership, which was expected to help use Australian superannuation money to build new infrastructure and improve standards of living and productivity.
"This is a tremendous outcome for over six million hardworking Australians who, through their superannuation fund, will partner with the NSW Government in operating an essential component of NSW's energy infrastructure," he said.
The consortium stressed it aspired for Ausgrid to be a world class operator of electricity network services and its efficiency and the business would be further aligned with the needs of its 1.7 million customers.
AustralianSuper chief executive, Ian Silk, said: "We commend the NSW Government for its willingness to harness superannuation money to drive positive outcomes for the state,"
"This all-Australian partnership between the millions of members of our two organisations and the NSW Government will maintain and enhance the Ausgrid network vital to so many NSW communities while providing returns that will contribute to the long-term retirement savings of the nation's workers."
Recommended for you
Forager Funds Management has shared its rationale behind delisting its Australian Shares Fund from the ASX in favour of structuring it as an open-ended unit trust.
Michael Lovett, who left the investment giant just three months after launching its Vanguard Super offering, has taken up a CEO role at an Australian asset manager.
As fund managers look to enhance efficiencies and reduce operating expenses amid active underperformance, former abrdn managing director Brett Jollie shares how to successfully do so.
Preqin, an alternative assets data provider, has developed a range of ESG fund performance benchmarks to provide advisers with greater transparency of the alternatives space.
