AustralianSuper, as part of a consortium led by toll road owner Transurban, is set to pay $7 billion to buy a string of Brisbane motorways from the Queensland government.
The consortium said it had signed an agreement to buy Queensland Motorways, which owns a 70km network of tolled roads, after beating other bidders with a $7.057 billion offer.
AustralianSuper has a 25% stake in the consortium, while Transurban holds a 62.5% stake. The consortium will operate the Brisbane network, which includes the Go Between Bridge, CLEM7, Gateway and Logan motorways.
AustralianSuper chief investment officer Mark Delaney said the acquisition was an ideal addition to the fund's infrastructure portfolio.
"Queensland Motorways is a high quality portfolio of established and new motorways that serve Brisbane's commuters. It comes with CPI-linked pricing and its use is underpinned by a robust population and employment outlook for south east Queensland," he said.
Delaney reinforced the fund's commitment to investing in infrastructure.
"Further, this investment is in keeping with AustralianSuper's preference for infrastructure investment which involves established assets that deliver a steady rate of income, over a long time horizon."
AustralianSuper head of infrastructure Jason Peasley said the significant infrastructure investment represented a win for AustralianSuper members and the broader Queensland community.
"This outcome delivers a great opportunity to partner with Transurban, Australia's largest and most experienced owner-operator of toll roads. Transurban's proven operational capabilities as well as its ability to realise the asset's longer term development potential makes it the ideal investment partner," he said.
"The price paid is consistent with previous toll road transaction metrics and it reflects the high quality of the asset along with Transurban's outstanding operational capabilities."
AustralianSuper currently has $8 billion in Australian and global infrastructure investments (including the Queensland Motorways investment). This includes interests in both direct and pooled investments.
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