Hastings Funds Management Limited announced today that it had completed the acquisition from La Caisse de dépôt et placement du Québec (CDPQ) of a further 50 percent of South East Water (SEW) on behalf of entities within the Desjardins Group and other managed clients.

Hastings managed fund Utilities Trust of Australia (UTA) will maintain ownership of the other 50 percent stake in SEW, which means that Hastings will manage 100 percent of the equity in the utility.

SEW is the largest water-only company by regulated capital value in England and Wales. SEW provides water to approximately 2.1 million people in the South East of England. SEW is regulated by the water regulator Ofwat and operates under a perpetual license.

Hastings CEO Andrew Day said:

“In an increasingly competitive infrastructure market we are able to provide our clients with access to unique opportunities borne from our deep global networks and long-standing relationships. In the present case we were delighted to provide the SEW investment opportunity to Hastings’ existing and new clients.”

Frederic Angers, Head of Infrastructure at Desjardins said:

“Investment in assets such as SEW is consistent with our strategy and the objective of our infrastructure portfolio. Desjardins is pleased to participate in this investment with an experienced infrastructure partner such as Hastings”.

The parties agreed to keep financial details of the transaction confidential.