QIC mulls sale of Qld Motorways

Govt's investment arm looks to hire investment bank to advise sale.

QIC Ltd, the Queensland government’s investment fund with $74.3 billion in assets under management, is seeking to hire an investment bank to advise it on how to sell its 100 per cent shareholding in Queensland Motorways Ltd, which QIC bought two years ago from the government for $3.1 billion.

Since 2011, the value of Queensland Motorways has increased as the operator of toll roads has purchased RiverCity Motorways for $618 million and made initial upfront payments of $112 million for the Go Between Bridge and $131 million for Legacy Way, a toll road under construction.

Brisbane-based QIC’s investment in Queensland Motorways is held on behalf of the state’s Defined Benefit Fund. The proceeds from any partial sale or sale of Queensland Motorways will remain in the fund, the fund said in a statement.