Australian industry super fund REST has taken full control of a West Australian wind-farm following the acquisition of UBS Asset Management’s 60% stake, reportedly for A$250m (€153m).
The real estate and private markets infrastructure business of UBS announced that it has completed the disposal of its interest in the Collgar Wind Farm for an undisclosed sum. REST already owned 40% of the asset.
Both REST and UBS declined today to comment on the transaction price.
REST partnered with UBS in 2010 to build the A$730m Collgar Wind Farm over 18,000 hectares of land.
Collgar has a capacity of 206MW and generates, on average, between 40% and 50% of Western Australia’s total renewable electricity supply.
George Zielinski, chief investment officer for Super Investment Management, REST’s investment arm, said that taking full ownership was a great opportunity to both drive further value from the asset and strengthen REST’s infrastructure portfolio.
“The project has and is expected to continue to generate sustainable cash flows.”
He told IPE Real Assets that infrastructure currently made up 5.5% to 6% of the asset allocation of REST’s core strategy, representing an equity investment of around A$3bn.