AIRTRAIN SOLD TO UK FUND

AIRTRAIN SOLD TO UK FUND

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.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Four ways businesses can use artificial intelligence to triumph in 2022
Partner Content
The last two years have delivered major disruption to the technology industry and broad...
PROS
Advertisement

Related Stories

QLD Premier confirms borders to reopen four days early

QLD Premier confirms borders to reopen four days early

With Queensland health authorities expecting the 80 per cent double...

Cyber weekend sales make November the biggest month in Australian online shopping history

Cyber weekend sales make November the biggest month in Australian online shopping history

November was the biggest month in Australian online shopping histor...

Aussie Broadband launches $344m bid for Over The Wire

Aussie Broadband launches $344m bid for Over The Wire

One of Brisbane’s Top Companies Over The Wire (ASX: OTW) has ...

Woolworths takes on Wesfarmers in bid for Priceline with $872m offer

Woolworths takes on Wesfarmers in bid for Priceline with $872m offer

Woolworths Group (ASX: WOW) has today thrown its hat in the ring to...