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

From pandemic side hustle to multi-million dollar business: Meet Ling Fung
Partner Content
Ask any parent, and they’ll tell you: preparing for a new baby is no easy task.&n...
Metro Baby
Advertisement

Related Stories

ACCC gives Compare the Market operator green light for iSelect takeover

ACCC gives Compare the Market operator green light for iSelect takeover

The Australian Competition & Consumer Commission (ACCC) has ann...

How Sourci made it: Meet the founders behind Australia’s new e-commerce wave

How Sourci made it: Meet the founders behind Australia’s new e-commerce wave

In just four short years the co-founders of product development con...

Competition watchdog sniffs at Cochlear-Oticon acquisition

Competition watchdog sniffs at Cochlear-Oticon acquisition

The management at Cochlear (ASX: COH) are hoping to add an extra 75...

Domino’s raising $165m to buy out German partner after settling deal for two new Asian territories

Domino’s raising $165m to buy out German partner after settling deal for two new Asian territories

A day after wrapping up two new Asian territories as part of the bi...