Investment management firm Challenger has sold its 66.2 per cent interest in LBC Terminals Jersey to a consortium of superannuation funds for $286.7 million.
The asset was held in Australian Securities Exchange-listed vehicle the Challenger Infrastructure Fund.
The sale is expected to take place in July, but is still subject to the receipt of European antitrust clearance and potentially the approval of the unit holders of the fund.
The sale will see the cash reserves of the fund increase to $415 million, or $1.31 per unit.
The consortium of super funds includes a number of undisclosed funds that have all been advised by Access Capital Advisers.
Clients of Access Capital include MTAA and Prime Super.
The Challenger Infrastructure Fund had just two assets: LBC and Inexus, a group that designs, constructs, operates and maintains utility networks and associated site infrastructure in the United Kingdom.
It was acquired in 2005 by the fund for £465 million.
