First State Super is part of a consortium that has purchased the NSW government’s land title registry service for $2.6 billion.
NSW Premier Gladys Berejiklian announced the lease of the Land and Property Information's titling and registry services to the Australian Registry Investments (ARI) consortium.
The ARI consortium comprises First State Super, Hastings Funds Management and the Royal Bank of Scotland's pension fund (which is managed by Hastings).
The NSW government statement said the ARI consortium is made up of "80 per cent Australian institutional investors".
The consortium has received approval from the Australian Taxation Office, the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
The NSW government says it has placed "rigorous legislative and contractual safeguards around the concession to ensure the continued security of property rights and data".
Price rises have been capped at CPI for the full term of the concession, according to the statement – and a new external regulator (the 'Registrar General') has been created to "enforce ARI’s performance during the concession".
The transition to the new operator will be finalised in the "coming months", according to the statement.
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