ADQ buys stake in Australian investment company

ADQ

The UAE’s investment fund ADQ has acquired a 49 percent stake in Australian infrastructure investor Plenary Group as part of its expansion drive.

The Abu Dhabi state-backed company will acquire all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec, which will continue to invest in a range of Plenary’s Australian assets and remain a major shareholder in its Americas business.

No financial details were given.

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The ADQ investment will accelerate Plenary’s growth in major markets in Australia, the Middle East, Asia, the UK and Europe.

As part of the partnership, Plenary and ADQ will establish a co-investment platform focusing on public and social infrastructure opportunities in high-growth geographies, including the GCC region, the Middle East and Central Asia. 

The partnership will allow ADQ to bolster its track record in investing in infrastructure assets to accelerate economic development in the UAE and abroad.

• UAE invests $2.5 trillion overseas, with US the top recipient
• UAE commits $50m to development fund
• World Bank raises UAE’s economic growth outlook

The transaction is subject to closing conditions and necessary regulatory approvals.

Established in 2004, Plenary has a portfolio of 21 assets under management valued at over $25 billion across Australia and the Middle East.

ADQ’s existing portfolio of infrastructure assets will serve as a catalyst to leverage the significant potential of public-private partnership projects together with Plenary, said Hamad Al Hammadi, Deputy Group Chief Executive Officer of ADQ. 

Plenary ventured into the Middle East in 2022 by securing the UAE’s first schools public-private partnership for three school campuses at Zayed City in Abu Dhabi.