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Gulf Sovereign Wealth Funds Bid For Queensland Motorways

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The Queensland Investment Corporation (QIC) is looking to sell the toll road company Queensland Motorways Ltd. With the thirst for Australian transportation infrastructure from institutional investors, QIC is seeking to dispose the highly-regulated motorways to the highest bidder.

The government of Queensland transferred the Queensland Motorways to the QIC in 2011 – being valued at A$ 3.088 billion. The motorways had A$ 2.9 billion of debt before the asset transfer. Some policymakers were surprised at the time, many believed the motorways would be sold off immediately. The justification in 2010 was that the government wanted legislative protections to make certain the tolls would not increase more than the consumer price index.

The motorways are a 43 mile network, counting around 80 million vehicles per annum.

Currently, three groups of investors are bidding for Queensland Motorways. Analysts say bids will be around A$ 5 billion.

Three Investment Consortia
Group 1
Hastings Funds Management
Kuwait Investment Authority
Abertis Infraestructuras
APG

Group 2
Transurban Group
Abu Dhabi Investment Authority
AustralianSuper

Group 3
IFM Investors (owned by 30 superannnuation funds)
Ontario Teachers’ Pension Plan
Borealis Infrastructure

CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

Transaction

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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