RREEF Infrastructure has acquired an additional 15 per cent interest in Port of Geelong from the Hastings Funds Management-operated Australian Infrastructure Fund, bringing its total stake in the facility to 50 per cent.
The global infrastructure investment management business of Deutsche Bank Group said it had acquired the stake in Victoria's largest regional port on behalf of one of its major Australian institutional clients.
As part of the same transaction, Asciano would acquire a 20 per cent interest in the port and continue as its operator, the asset manager said.
The acquisition is expected to be completed by 29 February.
"RREEF Infrastructure initially invested in Port of Geelong in 1996 when the port was privatised by the Victorian government," RREEF Infrastructure portfolio manager and head of asset management Richard Hedley said.
"Since then, the investment has performed exceptionally well, delivering strong cash distributions and capital growth to our client."
