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The Canada Pension Plan Investment Board is investing in the WestConnex toll road project in Sydney, Australia.
The pension fund is part of a consortium that bid upon and took ownership of a 51 per cent stake in WestConnex for about $8.75 billion. The CPPIB will hold a 20.5 per cent interest of this stake.
“WestConnex is a vital infrastructure development serving one of the fastest population and economic growth regions in Australia,” said Scott Lawrence, managing director and head of infrastructure for the CPPIB, in a press release. “We see WestConnex as a strong fit within our global infrastructure portfolio and look forward to continuing to work as part of the Sydney Transport Partners team with the people and government of New South Wales on this significant project.”
Read: CPPIB invests in Australian, New Zealand real estate debt
The Sydney Transport Partners consortium also includes: developer Transurban Group; Tawreed Investments Ltd, a subsidiary of the Abu Dhabi Investment Authority; and AustralianSuper, the country’s largest superannuation fund.
“Australia is an important investment market for CPPIB,” said Suyi Kim, senior managing director and head of Asia Pacific for the CPPIB. “We are a significant, long-term investor in Australia with investments in a wide range of assets across the country. We are committed to expanding CPPIB’s Australian portfolio through our team of experienced investment professionals.”
As of June 30, 2018, the CPPIB holds $11 billion in investments across Australia, comprised of real estate, infrastructure, public equities, direct investments and real estate investment funds.