A consortium comprising the Public Sector Pension Investment Board will soon run South Australia’s land registry and management services.
Alongside Macquarie Infrastructure & Real Assets, the pension investment manager is paying the South Australian government $1.6 billion to oversee the 40-year commercialization of South Australia’s Land Services Group.
“As a long-term investor, PSP Investments looks forward to working closely with our partner to deliver this high-value essential service to the South Australian community,” said Guthrie Stewart, senior vice-president and global head of private investments at PSP Investments, in a news release.
Read: Why big pension funds love Australian ports
“We are honoured to be entrusted with the stewardship of an essential service that is key to the property market and economic activity in South Australia. Under our stewardship, the Land Services Group will remain fully dedicated to engaging with its diverse community stakeholders and developing productive, long-term relationships.”
According to the Land Services Group’s website, its core activities include land titling, land and property valuation, administration of a survey framework, and management and provision of land information to the public.
As part of the agreement, the consortium will also invest in new businesses in Adelaide, the capital city of South Australia. The transaction is expected to close in the fourth quarter of 2017.