Abu Dhabi-based investment and holding company ADQ has acquired a 49% stake in Plenary Group (Plenary), an independent investor, developer and manager of public-private infrastructure projects headquartered in Australia.
ADQ will acquire all the shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec. The Canadian company will however remain the major shareholder in Plenary’s separate Americas business.
Established in 2004, Plenary holds a portfolio of 21 assets under management valued at over $25 billion across Australia and the Middle East.
The funds obtained from the deal will be used to accelerate Plenary’s growth ambitions across its key markets in Australia, the Middle East, Asia, the UK and Europe, the company said in a press release.
“This collaboration, marking our inaugural venture in Australia, underscores ADQ’s commitment to developing partnerships that complement our investment strategy, which aims to create long-term value and generate sustainable financial returns,” said Hamad Al Hammadi, Deputy Group Chief Executive Officer of ADQ.
As part of the partnership, Plenary and ADQ will also establish a co-investment platform focused on public and social infrastructure opportunities in the Middle East, and Central Asia.
John O’Rourke, Chairman and Founder of Plenary Group, added, “ADQ’s investment in Plenary will help accelerate our growth in Australia and internationally while the co-investment platform will allow us to scale our activities in the Middle East.”
ADQ’s expansive portfolio of infrastructure assets encompasses key economic sectors, including transport and logistics, energy and utilities, and real estate.
