Caisse de dépôt et placement du Québec (CDPQ) has acquired a 24.9% stake in the extended Sydney Metro PPP for AUD 167m (USD 113m), the Canadian pension fund announced today.
Palisade Investment Partners and the Partners Group have both sold down their shareholdings to enable CDPQ to buy in. Palisade confirmed it sold its 20% holding in a statement, while two sources familiar said Partners Group is also selling its 20% stake.
Palisade invested in the original Sydney Metro Northwest PPP on behalf of its Australian Social Infrastructure Fund and from managed accounts. Apart from Palisade and Partners, the previous investors in the PPP were: CIMIC (10%), Marubeni (20%), MTR Corp (20%) and Plenary (10%), according to Inframation deals.
The PPP covers the trains, systems, operations and maintenance aspects of the Sydney Metro Northwest, and Metro City and Southwest. Contracts extending the Metro Northwest PPP over City and Southwest were signed last week.
The new shareholders will be CDPQ, CIMIC, Marubeni, MTR Corp and Plenary, according to CDPQ’s statement. It is not known what the new shareholder percentages will be. Plenary and MTR’s shareholdings will increase in the extended PPP, one of the sources said.
Spokespeople for Northwest Rapid Transit, the SPV of the PPP, Plenary and CDPQ declined to comment further on the new shareholdings until financial close is reached on the extended PPP, which is due shortly. Partners Group and MTR Group did not respond to a request for comment.