Hastings buys rest of UK South East Water

Article by Staff Writer

AUSTRALIAN funds management company Hastings has acquired the remaining 50% of the UK’s largest water-only company, South East Water (SEW), on behalf of clients.

Hastings already managed 50% of the equity of SEW, having acquired a 50% stake in the company on behalf of the Utilities Trust of Australia (UTA), one of the funds it manages, from Macquarie in 2006. Hastings will now manage 100% of the equity, having bought the remaining 50% mainly on behalf of clients with the Desjardins Group, with some others. The financial terms of the deal were not disclosed but it is reported to be worth £200m (US$250m).

SEW operates under a perpetual licence. It supplies 540m l/d of water to 2.1m customers in the southeast of England.

“Investment in assets such as SEW is consistent with our strategy and the objective of our infrastructure portfolio. Desjardins is pleased to participate in this investment with an experienced infrastructure partner such as Hastings,” said Frederic Angers, head of infrastructure at Desjardins.

Article by Staff Writer

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