MIRA-led consortium to acquire wireless communications infrastructure business Crown Castle Australia
Sydney, 15 May 2015
A consortium led by Macquarie Infrastructure and Real Assets (MIRA) and one of its managed funds, and also comprising Unisuper and the UBS International Infrastructure Fund II, today announced that it has entered into an agreement to acquire the Australian wireless communications infrastructure business, Crown Castle Australia Holdings Pty Ltd (CCA).
CCA, which is majority owned by US-based Crown Castle International, is Australia’s largest independent owner of mobile communications infrastructure with approximately 1,700 wireless communications towers nationally. CCA’s largest customers are the country’s three major mobile network operators and its towers provide communications infrastructure for the vast majority of mobile device users in Australia.
Co-Head of MIRA Asia-Pacific, Frank Kwok said: "The CCA business has the qualities that infrastructure investors around the world seek: stable revenues backed by long-term customer contracts, predictable cashflows, strong operating margins and growing customer demand."
"Each of the consortium members has a track record of responsible ownership of infrastructure assets, and will bring its significant expertise in the ownership and operation of communication infrastructure assets globally to the business."
John Pearce, UniSuper’s Chief Investment Officer, added: "UniSuper has been very selective with regard to investment in infrastructure and CCA presents an excellent diversification within our current portfolio, while maintaining our commitment to quality. There is little doubt that demand for wireless communication is only going to grow so we are excited to be directly involved in the trend."
Paul Moy, Global Head of Infrastructure & Private Equity at UBS Global Asset Management added: "CCA’s management and staff have built a business with a track record of delivering quality service to its customers. We look forward to working with the CCA team as they continue to invest in the strong partnership the business has with its customers."
The transaction is subject to certain closing conditions. The terms of the transaction remain confidential however it will be funded by equity investment by the consortium and third-party debt finance.
Macquarie Group Media Relations
(02) 8232 6472
About Macquarie Infrastructure and Real Assets
Macquarie Infrastructure and Real Assets (MIRA) is the world’s leading infrastructure asset1 manager with growing portfolios in real estate, agriculture and energy. MIRA manages more than $A134 billion of assets under management invested in more than 120 portfolio businesses, ~300 properties, ~ 3.6 million ha of farmland.
MIRA is part of Macquarie Group, a leading a leading financial services provider across a diverse range of sectors around the world. Founded in 1969, Macquarie Group is listed on the Australian Stock Exchange and has operations in 28 countries and has a total of $A486.32 billion in assets under management.
UniSuper is the industry superannuation fund dedicated to people working in Australia's university and research sector. With more than 388,000 member accounts and over $50 billion in funds under management, it is one of Australia's largest superannuation funds.
About UBS Global Asset Management
UBS Global Asset Management, manager of the UBS International Infrastructure Fund II, is a large-scale asset manager with well-diversified businesses across regions, capabilities and distribution channels. It offers investment capabilities and investment styles across all major traditional and alternative asset classes. These include equity, fixed income, currency, hedge fund, real estate, infrastructure and private equity investment capabilities.
Invested assets totalled some CHF 661 billion at 31 March 2015. The firm is a leading fund house in Europe, the largest mutual fund manager in Switzerland and one of the largest fund of hedge funds and real estate investment managers in the world. UBS Global Asset Management has around 3,900 employees located in 24 countries, with major offices are in Chicago, Frankfurt, Hartford, Hong Kong, London, New York, Paris, Singapore, Sydney, Tokyo and Zurich.
1. Towers Watson Alternatives Survey, 2014
2. At 31 March 2015