Friday, 1 July 2022
A consortium (Consortium) comprising Aware Super, Australian Retirement Trust and Macquarie Asset Management, today confirmed it has entered into a joint venture with the Victorian Government to operate the registration and licencing (R&L) and custom plates (CP) businesses of the Victorian State Department of Transport (VicRoads). The Joint Venture will hold a 40-year concession to operate the R&L and CP businesses
VicRoads’ R&L business is responsible for licensing approximately five million drivers in Victoria, and registering more than six million cars, motorbikes, heavy vehicles and trailers for the Victorian road network. The CP business offers the public the opportunity to purchase bespoke sized, shaped and coloured general issue number plates, or the display rights to a unique registration number.
Damien Webb, Deputy Chief Investment Officer and Head of Real Assets at Aware Super said: “We’re pleased to be entering into this joint venture with the Victorian Government alongside Australian Retirement Trust and Macquarie Asset Management, a Consortium comprising three experienced, long-term registries investors. As the fund of choice for nearly four hundred thousand Victorians we are excited by the potential enhancements we can bring to drivers right across the state. Victorians rely on the services provided by VicRoads every day, so we understand the importance of its role as a direct point of contact between the Government and the community.”
Michael Weaver, Head of Private Real & Mid-Risk Assets at Australian Retirement Trust said: “The business provides an essential service to the people of Victoria as the ‘source of truth’ for vehicle registrations and licence holders whilst also providing critical support for road safety in the State. Our consortium is strongly focused on long-term planning to deliver these services to a growing population with changing demographic, urbanisation and vehicle usage patterns.”
Frank Kwok, Head of Macquarie Asset Management’s Real Assets business in Asia-Pacific said: “The Consortium has the experience and capability to support VicRoads on its next stage of development by driving high standards of service delivery and customer experience. We are excited by the opportunity to invest in Victoria and to work with the Victorian Government to deliver new and innovative services to the community.”
The transaction is expected to reach financial close in August.
The Consortium is advised by financial advisers Macquarie Capital, Gresham and Adastra. King & Wood Mallesons is legal adviser to the Consortium.