A consortium (Consortium) comprising Aware Super, Australian Retirement Trust and Macquarie Asset Management, today confirmed it has entered into a joint venture with the Victorian Government to operate the registration and licencing (R&L) and custom plates (CP) businesses of the Victorian State Department of Transport (VicRoads). The Joint Venture will hold a 40-year concession to operate the R&L and CP businesses.
VicRoads’ R&L business is responsible for licensing approximately five million drivers in Victoria, and registering more than six million cars, motorbikes, heavy vehicles and trailers for the Victorian road network. The CP business offers the public the opportunity to purchase bespoke sized, shaped and coloured general issue number plates, or the display rights to a unique registration number.
Damien Webb, Deputy Chief Investment Officer and Head of Real Assets at Aware Super said: “We’re pleased to be entering into this joint venture with the Victorian Government alongside Australian Retirement Trust and Macquarie Asset Management, a Consortium comprising three experienced, long-term registries investors. As the fund of choice for nearly four hundred thousand Victorians we are excited by the potential enhancements we can bring to drivers right across the state. Victorians rely on the services provided by VicRoads every day, so we understand the importance of its role as a direct point of contact between the Government and the community.”
Michael Weaver, Head of Private Real & Mid-Risk Assets at Australian Retirement Trust said: “The business provides an essential service to the people of Victoria as the ‘source of truth’ for vehicle registrations and licence holders whilst also providing critical support for road safety in the State. Our consortium is strongly focused on long-term planning to deliver these services to a growing population with changing demographic, urbanisation and vehicle usage patterns.”
Frank Kwok, Head of Macquarie Asset Management’s Real Assets business in Asia-Pacific said: “The Consortium has the experience and capability to support VicRoads on its next stage of development by driving high standards of service delivery and customer experience. We are excited by the opportunity to invest in Victoria and to work with the Victorian Government to deliver new and innovative services to the community.”
The transaction is expected to reach financial close in mid-August.
The Consortium is advised by financial advisers Macquarie Capital, Gresham and Adastra. King & Wood Mallesons is legal adviser to the Consortium.
About Aware Super
Aware Super was formed following the merger of First State Super and VicSuper. We are one of Australia’s largest superannuation funds with circa A$150 billion in retirement savings of circa 1.1 million members under our management.
Aware Super is a profit-to-member fund, run solely for the benefit of its members, providing superannuation, retirement products and financial advice to members throughout their lifetime.
Aware Super has a long track record of investing in Victoria. In 2018 we successfully acquired 100% of the Victorian Land Registry (now known as SERV). Since the acquisition we have worked with the State in ensuring the success of this commercialisation, delivering a critical service to Victorians.
About Australian Retirement Trust
Australian Retirement Trust is the super fund formed through the merger of Sunsuper and QSuper.
We’re one of Australia’s largest super funds and proud to take care of over $200 billion in retirement savings for more than two million members.
As a fund that works for members, not shareholders, we work in members’ best interests, and are committed to returning profits to them as lower fees and better services.