AustralianSuper has sold more than half of its 25.2% stake in Australian electricity distributor Ausgrid to Dutch pension fund manager APG.
麻豆映画 Real Assets understands that the sale of the 16.8% stake in Ausgrid was done at 鈥渕ore than A$2bn鈥� (鈧�1.3bn), valuing the largest electricity grid on Australia鈥檚 east coast at more than A$25bn, including debt. APG is investing on behalf of its pension fund clients ABP and PPF.
Back in 2016, AusralianSuper and IFM bought a 50.4% stake in Ausgrid for A$16.2bn. owns 25.2%, while the NSW state government continues to own the remaining 49.6%.
As a result of the latest transaction, AustralianSuper鈥檚 direct holding in Ausgrid is reduced to 8.4%. The super fund also has an indirect investment in Ausgrid through the IFM Australia infrastructure fund.
Hans-Martin Aerts, head of infrastructure at APG Asset Management, Asia, said: 鈥榃e see this asset as a great addition to our clients鈥� investment portfolio. Ausgrid is expected to play a critical role in the energy transition and to contribute to further carbon emission reductions.鈥�
AustralianSuper鈥檚 head of infrastructure, Nik Kemp, said the sale outcome was pleasing and reflected the strong demand from long-term infrastructure investors for high-quality assets.
He said the transaction would allow AustralianSuper to rebalance its A$25bn infrastructure portfolio and to participate in future growth opportunities.
The transaction would also allow Ausgrid and PLUS ES, a smart meter business, to continue to invest with certainty for future growth, he added.
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