Caisse among bidders for stake in Australia's $13 bln road project: Reuters
At least two Australian pension funds and one Canadian fund are participating in competing groups bidding for a majority stake in one of Australia’s largest infrastructure projects, people with knowledge of the sale told Reuters. Australia’s New South Wales government is trying to sell a 51 percent stake in Sydney Motorway Corp, the company building the A$16.8 billion (US$13.2 billion) WestConnex project, which links Sydney’s centre with its fast-growing western suburbs. Sources said local pension funds IFM Investors and AustralianSuper and Canada’s Caisse de dépôt et placement du Québec were each part of separate consortia bidding for the stake. The unfinished 33-kilometre road will be built in three stages and is the largest transport project since the Sydney Harbour Bridge, which was completed in 1932.
