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AustralianSuper offloads 16.8% Ausgrid stake to Dutch pension fund APG

12/08/2021 | 11:18pm EST

Dec 9 (Reuters) - AustralianSuper, the country's largest pension fund, said on Thursday it has sold two-thirds of its original holding in Australian electricity distributor, Ausgrid, to Dutch pension fund APG Asset Management.

APG Asset Management, on behalf of its pension fund client ABP, has acquired 16.8% stake in Ausgrid – the biggest owner of power poles and wires in New South Wales - following a competitive auction, AustralianSuper said.

AustralianSuper said it will retain an 8.4% stake in Ausgrid, along with its indirect holding through the IFM Australia infrastructure fund.

Ausgrid and APG did not immediately respond for comments.

The deal will allow the Australian superannuation fund to rebalance its A$25 billion ($17.91 billion) infrastructure portfolio following the second sale of a New South Wales-based poles and wires asset since the state's privatisation binge last decade.

Transmission networks have proved to be a source of steady returns for sizeable private-capital investors. APG, which has 622 billion euros ($704.66 billion) worth of assets as of end-October, is the latest fund in an increasing list of superannuation funds that will invest in Australian infrastructure and utility assets.

AustralianSuper and IFM Investors had acquired a combined 50.4% stake in Ausgrid in 2016 for A$16.189 billion.

($1 = 1.3957 Australian dollars)

($1 = 0.8827 euros) (Reporting by Riya Sharma; Editing by Sherry Jacob-Phillips)

© Reuters 2021
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