In a statement on the ASX, Westpac announced it had entered into a “definitive agreement” to sell its global infrastructure real assets business subsidiary to Northill Capital for an undisclosed sum.
Hastings’ international businesses manage a portfolio of infrastructure debt and equity assets across the UK, US, Europe and Australia for global institutional investors, according to the statement.
The “definitive agreement” is a confirmation of the announcement made in November about the sale of Hastings to Northill Capital after negotiations with Charter Hall broke down in July.
Hastings Australia will continue to fulfil its obligations to clients while the Hastings international business will work with Northill to ensure the transfer remains supportive of clients, employees and other stakeholders, the statement said.
“Northill will be investing over the long term to further develop Hastings’ international businesses from their position as a top 40 global infrastructure specialist,” the statement said.
“Northill is excited to expand their capabilities and is committed to supporting Hastings’ international businesses to ensure long-term successful outcomes for all clients.”