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Industry fund consortium bids for Ausgrid

Industry fund consortium bids for Ausgrid

Tim Stewart
— 1 minute read

AustralianSuper and IFM Investors have banded together to submit an unsolicited proposal to the NSW state government to acquire a majority interest in Ausgrid.

The proposal, which is currently being reviewed by the NSW state government, would see AustralianSuper and IFM Investors acquire a 50.4 per cent interest in a 99-year lease of Ausgrid.

Ausgrid operates the infrastructure to the Sydney, Central Coast and Hunter regions of NSW across a 22,275 square kilometre area.

AustralianSuper and IFM Investors have equal representation in the consortium, which claims its proposal is "unique" and "represents excellent value for the NSW government".

"AustralianSuper and IFM Investors are pleased to jointly submit this unique proposal and, if we are ultimately successful, intend to manage the asset in a responsible, considered manner over the long term," said the consortium.

IFM Investors is owned by 29 industry superannuation funds, and AustralianSuper manages more than $100 billion in funds under management.

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Industry fund consortium bids for Ausgrid
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