A fund managed by Macquarie Asset Management has acquired a 12.6% stake in Australian electricity distribution company Endeavour Energy from industry fund Rest Super for an undisclosed amount.

It has been reported that the stake could be worth between A$750m and A$880m (€416m-€542m).

Macquarie declined to disclose the price. Rest Super did not respond to a request for comment.

Macquarie led a consortium that included Rest Super, British Columbia Investment Management and Qatar Investment Authority, to acquire a 54% stake in the state’s third-largest electricity generating company from the NSW Government for A$7.6bn in 2017. The state government holds the remaining 46%.

Rest’s chief investment officer, Andrew Lill, said the agreement would enhance the financial interests of Rest members and was indicative of the fund’s continued disciplined approach to differentiated portfolio construction.

“The sale of our stake in Endeavour Energy will deliver a substantial uplift in value in comparison to when it was acquired six years ago – and also more recent values,” Lill said.

Proceeds from the sale would be recycled into new private market opportunities, particularly those that also supported the energy transition for the Australian economy, with the aim of delivering strong long-term returns for Rest members, said Lill.

“Rest is committed to investing in next-generation infrastructure, including the planned expansion of our portfolio of renewable assets through Rest’s wholly owned Collgar Renewables platform,” he said.

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