THE sale of Brisbane Airtrain to a UK superannuation scheme is finalised.
USS Axle, a subsidiary of Universities Superannuation Scheme Limited (USS), recently completed the $110 million acquisition of Airtrain Holdings Limited.
“Brisbane Airtrain is a key piece of transport infrastructure that supports the strong growth of Brisbane and South East Queensland,” says Gavin Merchant, Senior Investment Manager Infrastructure at USSIM in a statement.
The train, which opened in 2001, carries 1.8 million passengers annually between the airport and Brisbane’s CBD. The government-subsidised service reported a 25 per cent increase in full year profit to $15.7 million in September.
The parties entered a binding agreement on December 21 and the transaction was implemented by way of a scheme of arrangement by which USS Axle has acquired the entire issued capital of the unlisted public company.
The completion of the transaction follows approvals from the Queensland Department of Transport, the Foreign Investment Review Board as well as approval by the requisite majorities of Airtrain Holdings’ shareholders.
USS has made a number of investments in Australia over recent years including the take private of ConnectEast, which operates the EastLink toll road in Melbourne and the Airport Link rail company in Sydney.
USS was advised by CP2 Limited and Johnson, Winter & Slattery. Airtrain was advised by Rothschild and King & Wood Mallesons.
CP2 Limited has co-invested 1% of the total consideration and will be retained by USS in an asset management role.
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