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.
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