Investor in global infrastructure assets Challenger Infrastructure Fund
(ASX:CIF) says it has sold its remaining 15.6 per cent stake in Southern Water for $304 million.
The company says the sale price represented net asset value as at June 30 2009.
The sale also included the balance of a $12.5 million loan invested by Challenger in the company earlier in the year.
CEO Steve Bickerton says the divestment of Southern Water generates capital and allows the fund to invest in high growth opportunities within its existing portfolio as well as the ability to fund other capital management initiatives.
Mr Bickerton says the actions taken by the company over the last 18 months has demonstrated the underlying value of its portfolio and placed the fund in a significantly strengthened position.
Looking at the past four years Challenger Infrastructure Fund’s only net profit was in 2007.
