An all-Australian consortium has made an unsolicited bid for Ausgrid

Peter Parks/AFP/Getty Images

A consortium of superannuation funds, IFM Investors and AustralianSuper, has made an unsolicited bid to acquire a 50.4% interest in a 99-year lease of Ausgrid.

Details of the proposal are confidential. The NSW state government is reviewing the proposal and will make a decision later in the year. A long term lease could be worth as much as $10 billion to the state.

Federal treasurer Scott Morrison last month blocked Chinese bidders for Ausgrid, which supplies power to the Sydney area and parts of NSW, on national security grounds.

IFM Investors and AustralianSuper says their All-Australian bid is unique.

Ausgrid is a high-quality core infrastructure asset that has been in operation for more than 100 years.

IFM Investors is owned by 29 Australian superannuation funds and manages $72 billion across infrastructure, listed equities, debt investments and private capital.

AustralianSuper, the nation’s largest super fund, manages more than $100 billion of members’ assets on behalf of more than two million members.

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