ADIA in Queensland Motorways buying group
Sydney, April 24, 2014
A consortium comprising Abu Dhabi Investment Authority (ADIA) has agreed to buy Australia’s Queensland Motorways for A$7.1 billion ($6.6 billion) to gain control of toll roads in the state, a report said.
QIC agreed to sell Queensland Motorways to the consortium led by Transurban Group and which includes local pension fund AustralianSuper and ADIA, the Blooberg Businessweek website report said quoting an e-mailed statement.
Australian infrastructure assets are attracting pension funds and other institutional investors because of their relative safety and steady cash flows, it said.
Queensland Motorways had attracted interest from four bidding groups. The unit manages a 70-km network of toll roads, bridges and other infrastructure in Queensland state, including the Gateway, Gateway Extension and Logan motorways, the statement said.
Transurban owns 62.5 percent of the consortium, AustralianSuper 25 percent, while ADIA owns a 12.5 percent interest, the report said.