Institutional investment manager QIC and its partners in the Westlink M7 Motorway has announced financial close on the NorthConnex project in Sydney.
NorthConnex is a proposed 9km road tunnel that will link the M1 and M2 motorways in Sydney, which will cost around $2.9 billion.
QIC said the project will be delivered by the Westlink M7 shareholders that include improvements to the current M7 concession (higher truck tolls, a concession extension and additional gearing) as funding sources for the project.
Head of global infrastructure Ross Israel said the project "leverages our capabilities in the road sector and our ability to be a collaborative partner to governments".
Construction will begin this year and will finish by the end of 2019.
The $75 billion fund has gained exposure to decarbonisation solutions in its first listed equities impact investment.
The superannuation fund is expanding its investment exposure to industrial property through a $1 billion partnership with Barings, a global investment manager.
AustralianSuper has usurped the Future Fund as the biggest Australian asset owner, jumping from 43rd to 36th place globally, according to an annual study by the Thinking Ahead Institute.
IFM Investors, the global institutional asset manager owned by superannuation funds, has signed a memorandum of understanding with the UK government to invest £10 billion by 2027.
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