Mar 14, 2017
Macquarie sells final stake in Thames Water
Macquarie, the Australian infrastructure bank, has sold its final stake in Britain's biggest water supplier Thames Water for an estimated £1.35bn. The infrastructure arms of the Canadian pension fund Omers and the Kuwait Investment Authority have bought the 26 per cent stake. Borealis Infrastructure and Wren House, the infrastructure investing arms of Omers and KIA respectively, bought the stake in Kemble Water Holdings, the holding company of Thames Water. Thames Water has a regulatory capital value of £11.9bn, providing about 2.6bn litres of tap water to about 9m customers per day in London and the Thames Valley region. The timing of the sale - a decade after Macquarie bought Thames Water from RWE for £8bn - is driven by the 10-year life of most Macquarie funds. Last week Fiera Infrastructure paid $149m for an additional 2.4 per cent stake in Thames Water, while in February Australian fund manager Hastings Fund Management bought a 50 per cent stake in South East Water for about £200m. "The consortium has met with Thames Water's existing management team and . . . will support Thames Water's ongoing £4.5bn capital investment programme - for the 2015 to 2020 regulatory period - the largest in the UK water industry," Borealis and Wren House said in a joint statement.
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