IFM Investors and AustralianSuper buy half of Ausgrid

AustralianSuper IFM ausgrid

21 October 2016
| By Oksana Patron |
image
image
expand image

A consortium of equal representation of IFM Investors and AustralianSuper has bought a 50.4 per cent interest in a 99-year lease of Ausgrid for $16.2 billion.

According to chief executive of IFM Investors, Brett Himbury, the move represented a new kind of ‘PPP', a true pension public partnership, which was expected to help use Australian superannuation money to build new infrastructure and improve standards of living and productivity.

"This is a tremendous outcome for over six million hardworking Australians who, through their superannuation fund, will partner with the NSW Government in operating an essential component of NSW's energy infrastructure," he said.

The consortium stressed it aspired for Ausgrid to be a world class operator of electricity network services and its efficiency and the business would be further aligned with the needs of its 1.7 million customers.

AustralianSuper chief executive, Ian Silk, said: "We commend the NSW Government for its willingness to harness superannuation money to drive positive outcomes for the state,"

"This all-Australian partnership between the millions of members of our two organisations and the NSW Government will maintain and enhance the Ausgrid network vital to so many NSW communities while providing returns that will contribute to the long-term retirement savings of the nation's workers."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 2 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 3 hours ago