Hastings Funds Management and Zachry American Infrastructure (ZAI) have taken a 55 per cent stake in the United States-based Freeport liquid natural gas (LNG) development for around $290 million.
Freeport LNG owns and operates a natural gas terminal on the Gulf Coast of Texas, near Houston.
The facility is designed to vaporise 1.55 billion cubic feet of LNG per day and has "long-term, attractively priced" terminal agreements in place, Hastings said.
Funds including Zachry Hastings Infrastructure Partners (ZHIP), Utilities Trust of Australia (UTA) and The Infrastructure Fund (TIF) now collectively own the 30 per cent stake acquired from Cheniere Energy, and an additional 25 per cent stake bought from another seller.
The acquisition of a major stake in Freeport LNG is the first investment for ZHIP, which closed on 6 May.
"Securing a stake in Freeport LNG for clients invested in UTA and TIF demonstrates our strategy to build on our strength domestically by building and maintaining relationships with strong and capable local partners," Hastings head of unlisted infrastructure Richard Hoskins said.
