Universities Superannuation Scheme has taken a 49.9 per cent interest in Australian public transport firm Airport Link Company, adding to the stake it already owns.

USS would not disclose the value of the transaction or the size in its resulting stake, but it is understood the scheme now holds a significant controlling interest.

USS acquired its stake from Hastings Funds Management-managed Westpac Essential Services Trust.

Airport Link Company operates three underground train stations in the nine kilometre Airport Line tunnel linking Australia’s Sydney Airport with the central station and CBD.

The transaction was arranged by the scheme’s subsidiary USS Investment Management Limited, which will manage the investment on USS’s behalf.

“The investment forms part of USS’s infrastructure portfolio and builds on a long track record of investing in high quality Australian infrastructure assets including Connect East and Brisbane Airtrain,” USSIM senior investment manager Gavin Merchant said.

One of the UK’s largest pension schemes, USS also recently announced a £143m deal to acquire a 49.9 per cent stake in The Airline Group. The Airline Group is a 41.9 per cent shareholder in NATS Holding Limited, the holding company for NATS which is a world leader in the provision of air traffic management.

USS represents academic and related staff in the higher education sector. In October the scheme announced it will invest £392m to acquire almost 9 per cent of the holding company which owns Heathrow Airport Holdings.

Share Story: