Updated, May 16, 2012: This story has been updated to note the role of Allens.
A consortium comprising Hastings
the Australian Infrastructure Fund, and the Ontario Teachers Pension Plan Board has agreed to pay the New South Wales government $2.3 billion for a 50-year lease on the plant and pipeline in south Sydney, as well as a 50-year purchase agreement with the Sydney Water Corp.
The government will use $1.7 billion to pay off debts on the site and $300 million will go to a state infrastructure fund to build roads, schools and hospitals.
The consortium was advised by Allens partners Robert Clarke and Simon Lynch. Baker & McKenzie partner Michael Kunstler represented the Ontario Teachers Pension Plan.
King & Wood Mallesons partners
Mark Upfold, Dominic Bortoluzzi, Vishal Ahuja, Stuart Dixon-Smith and Debra Townsend advised the New South Wales government
Gilbert + Tobin partners
John Schembri and Alexander Danne
acted for the
consortium’s 11 lenders.