Australian investment fund gains full ownership of South East Water
Hastings Funds Management Ltd has announced that it has completed the acquisition from La Caisse de depot et placement du Quebec of a further 50 percent of South East Water.
The acquisition of the water-only company has been made on behalf of entities within the Desjardins Group and other managed clients.
Hastings managed fund Utilities Trust of Australia (UTA) will maintain ownership of the other 50 percent stake in SEW, which means that Hastings will manage 100 percent of the equity in the utility.
Hastings CEO Andrew Day said the acquisition was a major milestone for Hastings – a leader in infrastructure asset management.
“In an increasingly competitive infrastructure market we are able to provide our clients with access to unique opportunities borne from our deep global networks and long-standing relationships. In the present case we were delighted to provide the SEW investment opportunity to Hastings’ existing and new clients.” Mr Day said.
“Investment in assets such as SEW is consistent with our strategy and the objective of our infrastructure portfolio. Desjardins is pleased to participate in this investment with an experienced infrastructure partner such as Hastings,” added Frederic Angers, Head of Infrastructure at Desjardins.
The parties have agreed to keep financial details of the transaction confidential.
- Water treatment system market set to grow to 2030 As the water treatment market continues to encounter squeezing pressures, particularly due to impacts of severe climate... Read More >
- WWT's latest Keeping Connected webinar delves into collaboration and data for innovation The latest in WWT's Keeping Connected webinar series will look at how novel strategies for collaboration and data... Read More >
- Group set up to develop standards for fibre deployment in wastewater network Five water companies have joined forces to launch a Technical User Group (TUG) which will create a set of guidelines for... Read More >
- Road to net-zero: the challenges and opportunities for water Today, the water industry became the world's first sector to launch a collective plan to deliver net zero carbon emissions... Read More >
- Building a watertight defence against an evolving cyber security threat Lucas Young, Axis Communications, explains why collaboration and tighter controls are essential to defend our water... Read More >
- Asset resilience will be one of the beneficiaries of PR19 Richard Broome, Managing Director at LSBUD talks about why Ofwat's PR19 could prove to be such a positive influence on... Read More >
- Reaching net carbon zero In summer 2019, the water industry committed to reach net carbon zero by 2030. This is a very ambitious aim and... Read More >
- Meeting AMP7 leakage targets Damian Crawford, head of smart networks & leakage at Stantec, discusses how becoming data-rich and knowledge-smart can... Read More >