Canada Pension Plan Investment Board (CPP Investments) has entered into an agreement with Transurban to sell its interests in WestConnex and NorthWestern Roads Group (NWRG), two transport infrastructure assets serving Sydney, Australia.
Under the terms of the transaction, CPP Investments has agreed to sell its 10.5 percent interest in WestConnex and its 25 percent interest in NWRG. The transaction is expected to generate gross proceeds of approximately A$4.5 billion (approximately $3 billion).
WestConnex is one of Australia’s largest transport infrastructure projects, connecting western and southwestern Sydney with the central business district, Sydney Airport and Port Botany. NWRG comprises Westlink M7 and NorthConnex, which together provide critical passenger and freight connectivity across Greater Sydney.
CPP Investments first invested in Westlink M7 in 2010, followed by investments to develop NorthConnex in 2014 and acquire WestConnex in 2018. During its o
