September 10, 2024 – OMERS has signed an agreement with Allianz Capital Partners (ACP) to acquire ACP’s 13.5% stake in Interise Trust, one of the largest Indian Infrastructure Investment Trusts (InvIT) in the roads sector. Upon completion, OMERS stake in Interise Trust will increase to 34.8% (from the current 21.3%). CPPIB will remain the largest investor, and the remainder is distributed between domestic investors. Terms of the deal are not being disclosed.
OMERS has been invested in Interise Trust, formerly known as IndInfravit Trust, since 2019. Interise Trust holds a diversified portfolio of 17 operational road concessions across eight states in India, of which 14 are toll roads and three are annuity roads, with an aggregate length of approximately 7,300 lane kilometres. Its road projects have been consistently winning awards from the National Highways Authority of India (NHAI) for Excellence in Operations & Maintenance, Toll Management, Innovation and Best Project Management.
Michael Hill, Executive Vice President and Global Head of OMERS Infrastructure, said: “We are excited to be able to increase our stake in Interise and continue our partnership with CPPIB in this attractive sector. This transaction is our second in the transportation sector in six weeks, following our signing an agreement to acquire Italy’s Grandi Stazioni Retail in partnership with DWS last month.”
Christopher Curtain, Head of Asia-Pacific, OMERS Infrastructure, said: “We’re excited to increase our stake in Interise Trust. The transaction aligns well with our Infrastructure investment strategy – it increases OMERS exposure to India’s economic growth, through an asset and sector that we know well, and in line with our approach to focus on large, resilient and yielding assets in our priority markets. We look forward to continuing to work with the Interise team as they manage critical road infrastructure across India.”
Transportation is one of OMERS Infrastructure’s three global priority sectors, the others being digital and energy. Interise Trust is one of OMERS Infrastructure’s 14 transportation investments, with the others including airports (London City and Bangalore airports), ports (Associated British Ports and Port of Melbourne), logistics (Direct ChassisLink Inc.), rail (VTG and the recently announced Grandi Stazioni Retail), and motorway service stations (Tank & Rast).
The transaction is expected to be completed by the end of the year, subject to certain customary closing conditions and regulatory approvals.
Media contact
James Thompson
Director of Communications
T: +44(0)7443 264 154
About OMERS Infrastructure
OMERS Infrastructure manages infrastructure investments globally on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure manages approximately C$36 billion, including capital invested on behalf of OMERS and third parties, in approximately 30 investments located in North America, Western Europe, India and Australia, and across sectors including energy, digital and transportation. OMERS Infrastructure has employees in Toronto, New York, London, Amsterdam, Singapore and Sydney.
