USS increases Australian infrastructure stake

The Universities Superannuation Scheme (USS) has continued its infrastructure investment spree by increasing a stake in Sydney Airport Link.

The UK pension scheme for university academic staff has acquired a 49.9% interest in Airport Link Company, adding to the stake it already owns.

Airport Link Company operates airport train stations that run in the nine kilometre Airport Line tunnel 23 metres below the earth’s surface. The tunnel links Sydney Airport with Central Station, the Sydney Central Business District and 300 train stations in Greater Sydney and beyond.

USS, which has £40 billion (€48 billion) in assets, says the acquisition adds to its growing portfolio of infrastructure debt and equity investments and is consistent with its strategy of developing private market investment opportunities that fit with its long-term pension liabilities.

Gavin Merchant, senior investment manager at USS Investment Management, a subsidiary of the scheme corporate trustee, says: “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 Connect East and Brisbane Airtrain.”

In October, USS announced that it invested in London’s Heathrow Airport.

©2013 funds europe

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