UniSuper makes $1bn direct European infrastructure investment

UniSuper has announced it has secured a 5 per cent indirect stake in mobile towers business Vantage Towers, marking its first direct unlisted infrastructure investment in Europe. 

The $1 billion deal would complement UniSuper’s large infrastructure portfolio including Sydney, Adelaide, and Brisbane Airports, Transurban Chesapeake, and a growing allocation to forestry assets.

Vantage Towers was one of Europe’s leading mobile towers businesses with a portfolio of over 83,000 sites across 10 markets including Germany, Italy, Spain, and UK. 

The major shareholder and anchor tenant was Vodafone, which entered into an agreement last year with a Global Infrastructure Partners (GIP) and KKR-led consortium, Oak Holdings GmbH, to invest in the towers. 

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Oak Holdings GmbH would hold 89.3 per cent of the shares and voting rights in Vantage Towers. 

Through its relationship with KKR, UniSuper was able to acquire its interest in the Dusseldorf-based tower company by joining the consortium. 

“This is a high-quality defensive infrastructure investment with strong fundamentals and growth prospects. It adds to UniSuper’s approximately $15 billion private markets portfolio and is positioned to deliver excellent results for our members over the long term,” said Sandra Lee, UniSuper’s head of private markets. 

“The expected significant growth in data demand underpins our interest in the digital infrastructure sector. At a time of economic uncertainty, we remain cautiously opportunistic, and this is a great example of that approach”.

She added that the $115 billion super fund looked forward to a strong relationship with KKR and the towers’ management team and co-investors.

Lee said: “As genuine active long-term investors, we continue to look for sizable opportunities that grow our members’ retirement savings.”