Feb 9, 2017
Hastings buys remainder of UK’s South East Water
Hastings Funds Management has bought the remaining 50 per cent of South East Water that it does not already own from one of Canada's biggest pension fund managers and signalled it intends to make further acquisitions in the UK. The Australian infrastructure manager said on Thursday it purchased a stake in the British water company from Caisse de dépôt et placement du Québec on behalf of clients, including investors within Canada's Desjardins Group. Financial details of the transaction were not released, although it has previously been reported that the 50 per cent stake in the company was put on the market for about £200m. South East Water made pre-tax profits of £42.4m in the year ended March 31 2016, up from £35.3m a year earlier. South East Water is regulated by the UK water regulator Ofwat. CDPQ bought its 50 per cent stake in South East Water from Hastings for £165m in 2010. Desjardins, a financial co-operative group in Canada, said its investment in South East Water was consistent with its strategy of investing in global infrastructure assets.
Make a complaint about South East Water by viewing their customer service contacts.