Universities Superannuation Scheme Limited (USS) today announced that it has acquired a 49.9% interest in Airport Link Company (ALC) from Westpac Essential Services Trust, managed by Hastings Funds Management Limited, adding to the stake USS already owns.
USS is one of the largest pension schemes in the UK and represents academic and related staff in the higher education sector. The transaction was arranged by USS Investment Management Limited, a wholly owned subsidiary of USS and its principal investment manager and advisor, which will manage the investment on USS’s behalf. The acquisition adds to USS’s growing portfolio of infrastructure debt and equity investments and is consistent with its strategy of developing private market investment opportunities that fit well with its long-term pension liabilities.
Gavin Merchant, Senior Investment Manager, USS Investment Management, said: “The investment forms part of USS’s infrastructure portfolio and builds on a long track record of investing in high quality Australian infrastructure assets including ConnectEast and Brisbane Airtrain.”
CP2, the Sydney-based infrastructure investment manager which also owns a stake in ALC, will provide on-going asset management services. USS was advised by EY and Johnson Winter & Slattery on the transaction.