AustralianSuper sells Ausgrid stake

AustralianSuper has sold part of its stake in NSW poles and wires business, Ausgrid.

The big industry superannuation fund said that following a competitive process, APG Asset Management on behalf of its pension fund client, ABP, had acquired a 16.8% shareholding in Ausgrid.

AustralianSuper head of Infrastructure,. Nik Kemp said the sale outcome was pleasing and reflected strong demand from long-term inftrastructure investors for high quality assets.

He said the transaction would allow Australian Super to rebalance its $25 billion infrastructure portfolio and participate in future growth opportunities.

Kemp said the transaction will also allow Ausgrid and PLUS ES to continue to invest with certainty for future growth.

‘Ausgrid is a high-quality asset with a talented management team that has contributed positively to member returns, while also delivering benefits to customers and the community. AustralianSuper remains a significant investor in Ausgrid,’ he said.