Allens has advised New Zealand Superannuation Fund (NZSF) and Teachers Insurance and Annuity Association through its manager, Nuveen Infrastructure (TIAA), on the sale of their respective stakes in ConnectEast, the operator of the EastLink toll road network, to the Future Fund Board of Guardians.
Under the transaction, the Future Fund has acquired a 19.82% stake in ConnectEast and will have its interests managed by QIC.
'We are very pleased to have supported both NZSF and TIAA, together with RBC Capital Markets, on the successful sale of interests in a premium Australian infrastructure asset. This transaction underlines the enduring appeal of core Australian infrastructure to private capital investors,' said M&A Partner and Private Capital Sector Leader Emin Altiparmak.
ConnectEast operates Victoria's largest toll road network, consisting of a 39km toll road (Eastlink) and a 1km bypass (Ringwood Bypass). The toll road serves as the primary north-south transportation route in Melbourne's eastern region, accommodating an average of 250,000 daily vehicles and linking the Eastern, Monash, Peninsula Link, and Frankston Freeways.
