Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Infratil reviews stake in ANU student accommodation


By Gavin Evans

Nov. 7 (BusinessDesk) - Infratil is looking to sell or restructure its stake in a Canberra student accommodation concession after failing to find other investments in the sector.

The company says the Australian National University portfolio stands out by scale and quality in Australia’s purpose-built student accommodation sector. But when it bought the concession in August 2016 it had expected it to become a cornerstone element in a larger portfolio.

“Those investment opportunities have not yet eventuated,” the company said in a statement on the ASX.

“Accordingly, Infratil will engage with market participants over the coming months to consider proposals for its investment, which may include sale or other options.”

Infratil paid almost $85 million for half the 30-year concession offered by ANU. The balance was bought by Commonwealth Superannuation Corp.

The proposed sale is the latest as the Wellington-based investor looks to reduce the complexity of its portfolio and recycle capital out of peripheral assets into faster-growing sectors and locations.

Earlier this month the company hired Gresham Partners to advise on the potential sale of its controlling stake in Perth Energy, which it first bought into in 2007.

The firm has also been reviewing the future of its NZ Bus business.

Infratil’s major investments include controlling or partnership stakes in Trustpower, Wellington International Airport, Tilt Renewables and US-based Longroad Energy. It also has interests in retirement villages and data centres in Australia.

Infratil says the ANU review is likely to take six months.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Retail: Supermarkets Announced As Government’s Second Market Study

The Government has today launched a market study to ensure New Zealanders are paying a fair price for groceries. More>>

ALSO:

Statistics New Zealand: Retail Sales Recover In The September 2020 Quarter

Retail sales values recorded the largest September quarter rise since the series began in 1995, Stats NZ said today. Spending on major household items, vehicles, and groceries contributed to the strong 7.4 percent ($1.8 billion) rise in total ... More>>

Kea Aerospace: New Zealand Flies Into The Stratosphere

Development has started on a solar-powered, unmanned aircraft that can fly in the stratosphere continuously for months at a time. The zero-emission aircraft will carry a suite of imagery equipment that will be game-changing for many industries, vastly ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>