AustralianSuper has sold more than half of its 25.2% stake in Australian electricity distributor Ausgrid to Dutch pension fund manager APG.
IPE Real Assets understands that the sale of the 16.8% stake in Ausgrid was done at “more than A$2bn” (€1.3bn), valuing the largest electricity grid on Australia’s 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. IFM Investors owns 25.2%, while the NSW state government continues to own the remaining 49.6%.
As a result of the latest transaction, AustralianSuper’s 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: ‘We see this asset as a great addition to our clients’ investment portfolio. Ausgrid is expected to play a critical role in the energy transition and to contribute to further carbon emission reductions.”
AustralianSuper’s 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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