9 December 2021
AustralianSuper has today announced the partial sale of its interest in Ausgrid to APG Asset Management Group.
Ausgrid CEO Richard Gross said:
“We welcome APG Asset Management Group as an owner and investor in Ausgrid and as an organisation, together we are committed to a sustainable future for our customers
“Ausgrid remains focused on delivering affordable, reliable and sustainable energy solutions now and in the future.
“We look forward to working with APG Asset Management Group on this shared goal,” Mr Gross said.
Following a competitive process, APG Asset Management Group has acquired 16.8 per cent shareholding in Ausgrid – two thirds of AustralianSuper’s original holding.
AustralianSuper will retain an interest of 8.4% direct interest – or one third of its original holding – in Ausgrid, as well as indirect investment through the IFM Australian infrastructure fund.
APG Asset Management group is the largest pension provider in the Netherlands and one of the largest asset management groups in the world.
An APG Asset Management Asia spokesman said:
“We are pleased to become an investment partner in Ausgrid. We see this asset as a great addition to our clients’ investment portfolio.
“Ausgrid is expected to play a critical role in the energy transition and contribute to further carbon emission reductions.
“We look forward to working with our partners to ensure a long-term, stable and sustainable investment return for our clients.”
Ausgrid is the licensed electricity distributor for some of the most densely populated areas in Australia, in particular eastern Sydney, the Central Coast and the Hunter Valley. Ausgrid controls, operates and manages the largest electricity distribution network in the Australian National Electricity Market by regulatory asset base, end customer numbers, electricity delivered, and maximum demand.
AustralianSuper and IFM Investors acquired their interest via a 99-year lease of Ausgrid on 1 December 2016, in partnership with the NSW Government.