NSW will get $16.189 billion for a partial lease of power network Ausgrid to an all-Australian consortium of super funds, IFM Investors and AustralianSuper.
The consortium made an unsolicited proposal to lease 50.4% of Ausgrid over 99 years.
“Our poles and wires transactions are unlocking billions of dollars to fund new schools, hospitals, public transport and roads that will make a real difference to peoples’ lives,” says premier Mike Baird.
Federal treasurer Scott Morrison in August blocked Chinese bidders for Ausgrid, which supplies power to the Sydney area and parts of NSW, on national security grounds.
The state is in the middle of its $20 billion Rebuilding NSW infrastructure recycling program.
We're using the proceeds to build new roads, rail, schools and hospitals right across NSW.
— Mike Baird (@mikebairdMP) October 20, 2016
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.