American private equity firm Global Infrastructure Partners (GIP) reportedly agreed to sell its stake in the Port of Brisbane to pension fund Caisse de Depot et Placement du Quebec. According to Bloomberg, GIP will sell its 27% stake in the lease to operate the port in Australia's Queensland state for AUD1 billion (USD908 million). Cassie beat another Canadian investor, Borealis Infrastructure Management Inc., and local pension fund AustralianSuper Pty for New York-based GIP's holding. Cassie is the second-largest pension fund in Canada, the report said.
Bloomberg said Industry Funds Management (IFM) had earlier offered to buy GIP's stake. However, GIP opted to sell the holding in an auction instead. Bloomberg sources said the US investment firm was advised by Morgan Stanley on the sale.
Cassie oversees pensions for retirees in the province of Quebec. It had a total of CAD185.9 billion (USD175 billion) in assets and CAD7.8 billion in investment income as of June this year, the report said.
GIP is backed by Credit Suisse Group AG and General Electric Co. It manages over USD15 billion assets including Gatwick Airport in the UK as well as holdings in London City Airport and Scotland's Edinburgh Airport, said Bloomberg.
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