Northill Capital, a U.K. asset manager, and Westpac Banking Corp. have entered into an agreement regarding the sale of Hastings Management’s infrastructure unit. The sale price was undisclosed.
The transaction is Northill’s first acquisition in Australia. It is an example of investor appetite for global infrastructure projects, especially for new roads, electricity grids and ports in an attempt to increase global economic growth.
Hastings Management is an investment manager with $11 billion invested in global infrastructure from toll roads to airports, such as Melbourne Airport, and ports, such as the Port of Newcastle in eastern Australia.
In additional recent news, Terry Winder was appointed CEO of Hastings Funds Management, replacing Andrew Day, who has left the firm to pursue other opportunities. Winder joins Hastings from Westpac Banking Corp. — a subsidiary of Hastings Management — where he was CFO.
