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QIC adds to infrastructure holdings
QIC has announced it will boost the range of assets it holds for the Defined Benefit Superannuation Fund for public sector employees by acquiring Queensland Motorways Limited from the Queensland Government for its Global Infrastructure boutique.
QIC chief executive Doug McTaggart said that QIC Global Infrastructure sources infrastructure assets globally and considers Queensland Motorways Limited to be a quality infrastructure opportunity in the state of Queensland.
QIC Global Infrastructure has long had an interest in Queensland Motorways Limited because in Gateway and Logan Motorways it holds two mature toll roads in the fast growing southeast Queensland region, he said.
“A further significant attraction is the CPI-linked revenue streams which are well suited to the long-term liabilities of the Defined Benefit Fund,” McTaggart said.
“We recognise the essential role the Gateway and Logan Motorways play in the Queensland economy and their importance in the future growth of south-east Queensland."
QIC Global Infrastructure would now begin the necessary commercial negotiations and due diligence, he said.
QIC Global Infrastructure holds long-term infrastructure assets including 14 unlisted infrastructure assets with a value of approximately $3 billion as at 25 November, 2010, the manager stated.
These assets include investments in Brisbane Airport, the Westlink M7 toll road in Sydney, Thames Water and Grup Maritim TCB, a global ports developer and operator, and the Port of Brisbane.
QIC currently manages around $55.4 billion for institutional clients.
AUTHOR
Mike Taylor
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