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CPPIB to invest AUD525m in Australian infrastructure

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Canada Pension Plan Investment Board (CPPIB) is to invest AUD525 million in the Australian infrastructure sector. 

A consortium comprising CPPIB, Transurban Group and Queensland Investment Corporation (QIC), will build and operate a new tolled tunnel motorway located northwest of Sydney. CPPIB's investment represents a 25% ownership interest.

Called NorthConnex, the tunnel motorway will connect Sydney's northern suburbs with the Orbital road network, reducing freight traffic congestion on an existing arterial road and improving traffic flow. Spanning nine kilometres, this will be the longest road tunnel project in Australia. Construction of the tunnel will begin in early 2015 and is expected to be completed in 2019.

The AUD2.9 billion project will be funded by the consortium partners and by the New South Wales and Australian Governments.

"We are excited to be part of this important motorway development project which is in line with our strategy to invest in attractive global infrastructure opportunities," says Cressida Hogg, Managing Director, Head of Infrastructure, CPPIB. "The NorthConnex tunnel will create a vital link in Sydney that will play a significant role in alleviating traffic congestion. We look forward to working together with an experienced toll road operator in Transurban and a well-aligned, long-term investor in QIC."

CPPIB owns a 25% interest in the Westlink M7 toll road in Sydney, through its acquisition of Intoll Group in 2010. A significant investor in Australia, CPPIB has invested CAD7.1 billion in real estate, infrastructure, public equities, real estate investment funds, and direct investments, as at 30 September, 2014.

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