QIC to acquire Queensland Motorways Limited
QIC will acquire Queensland Motorways Limited from the Queensland Government, a deal which is expected to be completed by 30 June, 2011, and includes Queensland Motorways Limited’s Gateway and Logan Motorways in south-east Queensland
The acquisition will bolster the range of quality assets it holds for the Defined Benefit Superannuation Fund for public sector employees, QIC stated.
QIC chief executive Doug McTaggart said that the Gateway and Logan Motorways play an essential role in the Queensland economy and are important to the future growth of south-east Queensland.
“QIC Global Infrastructure has long had an interest in Queensland Motorways Limited as it holds two mature toll roads in the fast growing south-east Queensland region. A further significant attraction is the CPI-linked revenue streams which are well suited to the long-term liabilities of the Defined Benefit Fund,” he said.
QIC Global Infrastructure would now begin the necessary commercial negotiations and the same rigorous due diligence process it conducts on all prospective investments, he said.
QIC Global Infrastructure holds long-term infrastructure assets including 14 unlisted infrastructure assets with a value of approximately $3 billion as at 25 November, 2010, the manager stated.
These assets include investments in Brisbane Airport, the Westlink M7 toll road in Sydney, Thames Water and Grup Maritime TCB, a global ports developer and operator, and the Port of Brisbane.
QIC currently manages around $55.4 billion for institutional clients.
Recommended for you
The financial advice industry has enjoyed another week of strong new entrant numbers, totalling nearly 40 for the past fortnight, thanks to the latest exam passes.
Momentum Media’s wealth publishing network – comprising InvestorDaily, ifa, SMSF Adviser, Money Management, and Super Review – is proud to launch the annual Australian Wealth Management Awards.
Investment information firm Equity Story has signed a binding heads of agreement to acquire South Australian financial advisory and stockbroker Baker Young for $4.2 million.
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
