Bids in for 24.5% stake in WestConnex Motorway
The Government of New South Wales (NSW) has closed bids for the first auction of an initial 24.5% stake of Sydney's WestConnex motorway. The total sale process is for the remaining 49% stake in the road.
NSW received a bid from the Sydney Transport Partners consortium formed by Transurban Group, AustralianSuper and Canada Pension Plan Investment Board. IFM Investors decided not to bid for the stake in the auction, leaving the Transurban-led consortium in a leading position.
The second auction for the remaining 24.5% stake in the motorway will be held soon. The 33 km long WestConnex motorway will allow motorists to travel from Penrith to Sydney without traffic lights.
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