POWERED BY MOMENTUM MEDIA
UK pension scheme buys Brisbane railway
One of the United Kingdom's largest pension schemes has completed its acquisition of Brisbane's privately owned and operated railway, Brisbane Airtrain.
A subsidiary of the Universities Superannuation Scheme Limited (USS), USS Axle acquired Airtrain Holdings Limited, Brisbane Airtrain's parent company.
The pension fund's principal investment manager and adviser, USS Investment Management Limited (USSIM), brokered the deal and will manage the investment on behalf of USS.
A period of exclusivity in December led to Airtrain Holdings Limited entering into a binding agreement with USS Axle and completing the A$110 million deal on 21 December 2012.
It was implemented under a scheme of arrangement in which USS Axle acquired the issue share capital of Airtrain Holdings Limited.
USS was advised by CP2 Limited which will retain a 1 per cent stake in Airtrain Holdings and will continue to manage the investment on USS's behalf.
The deal follows approval from the Queensland Department of Transport, the Foreign Investment Review Board and majority approval from Airtrain Holdings' shareholders.
USS has made a range of investments into Australia's transport infrastructure including the private takeover of ConnectEast which operates EastLink toll road in Melbourne and the Airport Link rail company in Sydney.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
