Australian industry super investment vehicle The Infrastructure Fund (TIF) is on the search for infrastructure assets following its successful $1.75 billion auction bid for the Port of Newcastle last week.
TIF and consortium partner China Merchants Group purchased the long-term lease of the world’s largest coal export port under new trustee arrangements with The Private Capital Group (TPCG), whereby the unit holders are now the legal owners of their own trust.
TIF manager Hastings Funds Management managed the winning bid on behalf of TPCG.
TPCG chairman Bob Lette said the acquisition of the 98-year lease of the Port of Newcastle is TIF’s largest investment to date and aligns with the Fund’s strategy for established and productive assets with a track record of consistent performance.
Lette added that TIF would continue to seek out and make disciplined investment decisions into infrastructure assets that will help Australia build its productive capacity.
“With support from TIF’s existing unit holders, as well as capital from new unit holders, TPCG closed the Port of Newcastle deal and is already actively pursuing the next deal on the horizon,” Lette said.