AustralianSuper offloads 16.8% Ausgrid stake to Dutch pension fund APG

AustralianSuper said it has sold two-thirds of its original holding in Australian electricity distributor, Ausgrid, to Dutch pension fund APG Asset Management

AustralianSuper, the country's largest pension fund, said on Thursday it has sold two-thirds of its original holding in Australian electricity distributor, Ausgrid, to Dutch pension fund APG Asset Management.

APG Asset Management, on behalf of its pension fund client ABP, has acquired 16.8% stake in Ausgrid – the biggest owner of power poles and wires in New South Wales - following a competitive auction, AustralianSuper said.

AustralianSuper said it will retain an 8.4% stake in Ausgrid, along with its indirect holding through the IFM Australia infrastructure fund.

Ausgrid and APG did not immediately respond for comments.

The deal will allow the Australian superannuation fund