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ADQ acquires stake in Plenary Group to accelerate growth of global public infrastructure

ADQ acquires stake in Plenary Group to accelerate growth of global public infrastructure
24 Apr 2024 14:07

ABU DHABI (WAM)

ADQ, an Abu Dhabi-based investment and holding company, and Plenary Group (Plenary), an independent investor, developer and manager of public-private infrastructure projects headquartered in Australia, announced on Wednesday a partnership aimed at expediting the expansion of public and social infrastructure through strategic investments.

ADQ will acquire a 49 per cent stake in Plenary, including all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec, which will continue to be heavily invested in a range of Plenary’s Australian assets and remains the major shareholder in Plenary’s separate Americas business.

The primary capital contribution by ADQ will be used to accelerate Plenary’s ambitions to grow across its key markets in Australia, the Middle East, Asia, the UK and Europe.

As part of the partnership, Plenary and ADQ will also 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 further bolster its track record in investing in infrastructure assets to accelerate economic development in the UAE and abroad.

Established in 2004, with a portfolio of 21 assets under management valued at over $25 billion across Australia and the Middle East, Plenary has steadily grown to be recognised as a market-leading investor, developer and manager of public infrastructure, successfully deploying its business model internationally.

Hamad Al Hammadi, Deputy Group Chief Executive Officer of ADQ, said, “This collaboration, marking our inaugural venture in Australia, underscores ADQ’s commitment to developing partnerships that complement our investment strategy, which aims to create long-term value and generate sustainable financial returns. We are confident that our partnership in Plenary will unlock significant opportunities to contribute to developing state-of-the-art infrastructure assets, boosting economic growth and social welfare in the target geographies.

“ADQ’s existing portfolio of infrastructure assets, many of which are emerging as national champions, will catalyse to leverage the significant potential of public-private partnership projects together with Plenary, a leader in its field with a proven track record of delivering successful infrastructure projects globally.”

John O’Rourke, Chairman and Founder of Plenary Group, said, “ADQ’s investment in Plenary will help accelerate our growth in Australia and internationally while the co-investment platform will allow us to scale our activities in the Middle East. ADQ has a leading position in the Middle East region and increasingly on a global scale, with an impressive portfolio of infrastructure assets.

“Critical to our partnership, it is committed to supporting the further development and operation of public infrastructure in partnership with Plenary. We are confident that our culture and experience, combined with ADQ’s capability and investment acumen, will allow us to seize new opportunities and establish ourselves as a leader in our growth markets.”

ADQ’s expansive portfolio of infrastructure assets encompasses key economic sectors, including transport and logistics, energy and utilities, and real estate.

Plenary has delivered early solid momentum in the Middle East since establishing a presence in 2022, notably securing the UAE’s first school public-private partnership, which encompassed the financing, design, procurement, construction, commissioning and 20-year operations and maintenance of three state-of-the-art school campuses at Zayed City in Abu Dhabi.

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

Source: WAM
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