Funding details revealed for Western Australian land registry deal

11 September 2019 - 12:00 am UTC

Macquarie Infrastructure and Real Assets has borrowed around AUD 700m of debt from 10 banks for its AUD 1.41bn (USD 970m) ​​​​​​acquisition of Western Australia’s land titles service, according to sources. 


The bank group for the Land Services WA consortium comes from Australia, Canada, China, Europe and Japan and is comprised of: ANZ bank, Bank of China, Bank of Communications, Canadian Imperial Bank of Commerce, China Construction Bank, ICBC, ING bank, NAB, Société Générale and Sumitomo Mitsui Banking Corporation, according to three sources familiar.


The main contributors to the transaction were ANZ Bank, NAB, ICBC, ING, Societe Generale and SMBC, said the sources. Financial close is expected in Q4 this year.


The MIRA consortium also included SunSuper and HESTA, as reported. MIRA contributed around 55% of equity to the bid, while SunSuper put in around 30 per cent and HESTA 15 per cent, the sources said. MIRA also has an undisclosed investor via a separately managed account.


Spokespeople for Land Services WA and MIRA declined to comment.


Land Services WA advisers included Macquarie Capital and King & Wood Mallesons.


Lenders counsel is Clifford Chance.


The WA government was advised by Investec, Ashurst, BIS Oxford Economics and PwC, according to Inframation deals.


Western Australia’s government said on Tuesday Land Services WA will take over the delivery, improvement and maintenance of Landgate’s automated titling services for 40 years. This will include processing property transactions and searches of the title register.


Macquarie Capital, King & Wood Mallesons and Clifford Chance all declined to comment. 


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