The Infrastructure Fund (TIF), managed by Macquarie Asset Management (MAM), has sold its 17.1% stake in ElectraNet, South Australia’s principal transmission network, to Australian Retirement Trust (ART).
The price was not disclosed, but it was reported that ART paid A$600m (€338.4m) for the additional interest, which lifts its holding in a consortium that owns the electricity network to 28.3%.
ART acquired TIF’s stake via pre-emption, a process which was available to AUT co-shareholders.
TIF, which first invested in the transmission network in 2003 and increased its stake in 2022, holds the stake through the Australian Utilities Trust, alongside Utilities Trust of Australia (UTA) and ART. The consortium has a combined 54.1% direct interest in ElectraNet.
The State Grid Corporation of China holds a 45.89% shareholding in ElectraNet.
Michael Weaver, general manager, mid risk assets and UK at Australian Retirement Trust, said ART initially invested in ElectraNet in 2004 and currently owns an 11.2% indirect interest via AUT.
“Increasing our stake in ElectraNet further strengthens ART’s commitment to Australia’s infrastructure and energy transition. We believe it will continue to deliver attractive returns for our members across the nation,” he said.
Annabelle Bennett, board chairman of Gardior as trustee of TIF said: “We are pleased to achieve this outcome on ElectraNet, as we seek to maximise value for TIF unitholders in line with the fund strategy.”
Ani Satchcroft, co-head infrastructure Asia-Pacific, MAM said: “MAM has been investing in and managing regulated utilities assets for over 30 years and has leveraged this experience to partner with the management team and our co-shareholders to support ElectraNet’s development, while creating value for TIF investors.”
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