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QIC-owned Queensland Motorways Buys CLEM7 Tunnel

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The Queensland Investment Corporation (QIC), through its global infrastructure arm, bested competitors in a bid for Brisbane’s Clem Jones tunnel (CLEM7). The A$ 70.3 billion QIC purchased the toll road for AS 618 million through its toll road business Queensland Motorways. The road was built at an original cost of A$ 3 billion.

The impending acquisition of CLEM7 will bolster the toll road portfolio of Queensland Motorways. According to a statement, “The addition of the CLEM7 tunnel will further expand and diversify the growing Queensland Motorways asset portfolio of toll roads, which currently includes the Gateway, Gateway Extension and Logan motorways, and will include the Go Between Bridge by late 2013, followed by Legacy Way Tunnel on construction completion in mid-2015.”

The original intent of CLEM7 was to help facilitate traffic between the suburbs north and south of the Brisbane River; however, traffic projections proved to be inflated, and Brisbane’s first private toll-way sunk under its own borrowing.

The acquisition can be seen as a bittersweet result for the northeast Australian state. On the one hand, it picked up a recurring revenue stream for pennies on the dollar. On the other hand, private infrastructure investors might think twice about investing in Australia’s recently proposed infrastructure bonds.

Infrastructure bonds are being suggested as a way to help augment Australia’s limited resources dedicated to infrastructure investment. But a recent slew of bankruptcies including Lane Clove Tunnel in Sydney are undoubtedly concerning.

QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Discloses Investment in Khairat Bahrain

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Bahrain Mumtalakat Holding Company disclosed an investment in Sudan called Khairat Bahrain. This is an agricultural investment in Sudan. The food and agriculture sector is key investment sector for many Gulf-based state investors. Khairat Bahrain is located in the world’s richest expanse of groundwater (the Nubian Sandstone Basin) occupying an area of approximately 100,000 feddans (400 square kilometers). The Nubian Sandstone Aquifer System is the world’s largest known fossil water aquifer system.

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Temasek Acquires Cybersecurity Firm Sygnia

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Singapore’s Temasek Holdings agreed to acquire Sygnia, Inc., an Israeli cybersecurity technology and services provider. Unverified estimates of the deal amount are around US$ 250 million. Sygnia runs out of Tel Aviv, but has an office in New York. Sygnia assists companies respond to cyber threats.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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