Rest, one of Australia’s largest profit-to-member superannuation funds, has entered into an agreement to sell its stake in Endeavour Energy, delivering a strong return on investment for its more than 1.9 million members.
Rest has agreed to divest its 12.6 per cent stake to a fund managed by Macquarie Asset Management.
Rest’s Chief Investment Officer Andrew Lill said the agreement will enhance the financial interests of Rest’s members and is indicative of the fund’s continued disciplined approach to differentiated portfolio construction.
“The sale of our stake in Endeavour Energy will deliver a substantial uplift in value in comparison to when it was acquired six years ago and also more recent values,” Mr Lill said.
“This is a high-quality business and the agreement strongly recognises this quality. It’s an asset in the portfolio that has been a materially positive contributor to growing our members’ retirement savings through the cycle.
“This transaction reflects our dedication to seeking opportunities that attain real value for our members.
“The sale will also allow us to recycle funds into new private market opportunities, particularly those that also support the energy transition for the Australian economy, with the aim of delivering strong long-term returns for our members, of whom around a million are under the age of 30 and decades from retirement."
Rest has a long-term objective to achieve a net zero carbon footprint for the fund by 2050 and continues to invest both domestically and internationally in assets that can contribute to the energy transition and deliver strong performance in the portfolio.
“Rest is committed to investing in next generation infrastructure, including the planned expansion of our portfolio of renewable assets through Rest’s wholly owned Collgar Renewables platform,” said Mr Lill.
Endeavour Energy supplies electricity to 2.7 million people across Greater Western Sydney, the Blue Mountains, Southern Highlands, the Illawarra and the South Coast of NSW.
Rest acquired its stake in Endeavour Energy in 2017, when the NSW Government sold a 50.4% stake to a consortium comprising funds and clients managed by Macquarie Asset Management, Rest, British Columbia Investment Management and Qatar Investment Authority.
About Rest
Established in 1988, Rest is one of Australia’s largest profit-to-member superannuation funds, with more than 1.9 million members and around $70 billion in funds under management as at 31 December 2022.
For further information please visit out media centre or contact:
Michael Mills
Senior Manager, Communications – Media Relations
michael.mills@rest.com.au
m: 0428 499 722
This information has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant PDS and TMD which is available at rest.com.au/pds. Issued by Retail Employees Superannuation Pty Limited ABN 39 001 987 739, AFSL 24 0003 (Rest), trustee of Retail Employees Superannuation Trust ABN 62 653 671 394
Rest media releases are point-in-time statements and are current as at the date of publication. Information may not be current and up to date after the date of publication. Please note the date of issue and check Rest’s website for other information on the same or related matters.