AustralianSuper committed A$1.76 billion (US$1.63 billion) for an infrastructure investment in Queensland Motorways, a state-owned 70-kilometer network of toll roads, bridges and infrastructure, said Licardo Prince, a spokesman for the more than A$70 billion Melbourne-based superannuation fund.
The investment gives AustralianSuper a 25% stake in the infrastructure investment, as part of a three-member consortium led by Melbourne-based toll road owner Transurban Group. Tawreed, a wholly owned subsidiary of the $627 billion Abu Dhabi Investment Authority, will hold 12.5%.
In a news release, Transurban said the consortium will pay A$7.06 billion for Queensland Motorways. Transurban will take the biggest stake, at 62.5%.
For AustralianSuper, the investment – expected to close during the third quarter – amounts to more than 2% of the retirement assets it currently manages for roughly 2 million Australians and lifts the fund's investments in Australia and global infrastructure to A$8 billion, or roughly 11% of its portfolio.
Mr. Prince couldn't immediately say whether the investment would result in a shift in AustralianSuper's asset allocation.