An Australian infrastructure asset manager, Infrastructure Capital Group (ICG) backed by superannuation funds, has acquired the Australian business of Enwave Energy from Brookfield for A$420m (€259m).

A source confirmed that Enwave Australia, a gas network and district energy business was sold for A$420m.

Enwave Australia runs two businesses - TasGas networks business and the smaller Enwave district energy and utility network.

ICG has acquired the asset for its Energy Infrastructure Trust, which owns nine assets with a net asset value of A$1.3bn at 30 June 2018.

ICG was one of five parties shortlisted for Enwave. It edged out its competitors, including Australian Gas Networks, controlled by the Hong Kong-based Cheung Kong Infrastructure, and First Sentier Investors (recently rebranded from Colonia First State), to clinch the deal.

Brookfield inherited the Enwave Australian operation after it acquired the Enwave business in North America from Borealis Infrastructure and the City of Toronto in 2012.