RREEF increases Port of Geelong stake
Deutsche Bank Group's global infrastructure investment management business RREEF Infrastructure has expanded its stake in the Port of Geelong.
The company announced this week that it had acquired a further 15 per cent interest in the Port of Geelong from the Australian Infrastructure Fund ("AIX").
It said that as part of the same transaction, Asciano would also acquire a 20 per cent interest in the port and would continue as the port's operator.
The announcement said the acquisition was being made on behalf of one of RREEF Infrastructure's major Australian institutional clients, increasing the equity interest managed by RREEF Infrastructure in Port of Geelong to 50 per cent.
The acquisition is expected to be completed by 29 February and is not conditional.
Commenting on the move, RREEF Infrastructure portfolio manager and head of asset management Richard Hedley said RREEF Infrastructure had initially invested in Port of Geelong in 1996 when the port was privatised by the Victorian government.
"Since then, the investment has performed exceptionally well, delivering strong cash distributions and capital growth to our client," he said. "Delivering this transaction represents a tremendous amount of work from all of the parties involved, and we are delighted to be extending our partnership with Asciano."
The Port of Geelong deal transaction follows RREEF's recent acquisition of a 40 per cent equity interest in Brisbane gas distribution business from APA Group.
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