CDPQ, others acquire 25% stake in Sydney Metro for $113m

Photo: Reuters

Canada’s second-largest pension fund manager Caisse de dépôt et placement du Québec (CDPQ) along with four other investors have acquired 24.9 per cent stake in Australia’s largest public transport infrastructure project Sydney Metro for A$167 million ($113 million).

Names of the investors are MTR Corporation Limited, Marubeni Corporation, Plenary Group and CIMIC Group Limited.

The corpus will go into a public-private partnership (PPP) project and will be used for getting trains, systems, operations, besides maintenance of Sydney Metro, which includes both North West and City & Southwest lines.

The Metro North West Line opened in May 2019 with 13 metro stations in Sydney’s North West. It will go beyond Sydney city centre and beyond Bankstown by 2024, when Sydney will have 31 metro stations over a standalone 66-km metro railway line.

“This investment is perfectly aligned with our strategy to invest in high-quality infrastructure assets, alongside partners with a deep understanding of the market and vast operational expertise,” said Emmanuel Jaclot, executive vice-president and head of Infrastructure, CDPQ.

CDPQ is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. The firm held CA$326.7 billion in net assets as of June 30, 2019.

In August, it was said to be in exclusive talks to acquire Highway Concessions One, a road portfolio owned by infrastructure fund manager Global Infrastructure Partners (GIP) in India.

Before its investment in Sydney Metro, CDPQ, earlier this year, acquired a minority stake in Healthscope, a private hospital operator.

In 2016, CDPQ collaborated with the founders of Greenstone to acquire a 44% interest in this leading Australian insurance distributor.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.