2011 Media Releases

RREEF Infrastructure, the global infrastructure investment management business of Deutsche Bank, today announced it has entered into an agreement to acquire a 40% interest in the Brisbane gas distribution business ALLGAS from APA Group (“APA”). The acquisition was made on behalf of one of RREEF’s major Australian institutional clients. As part of the same transaction, Marubeni Corporation will also acquire a 40% interest, whilst APA will retain 20% and continue as the operator of the asset under a long term agreement.

ALLGAS is a regulated gas distribution business consisting of approximately 2,942km of gas distribution pipeline that delivers gas to residential, commercial and industrial customers in the fast growing regions of South-East Queensland and Northern NSW. The network is supplied with conventional and coal-seam gas from the Bowen and Surat basins via the Roma-Brisbane Pipeline. ALLGAS is a low risk regulated asset with revenue certainty to 2016 and a rapidly growing regulated asset base and revenue profile.

The enterprise value of the new investment vehicle is c$525 million, representing a Regulated Asset Base (RAB) multiple of c.1.18x.

Nadir Maruf, Head of RREEF Infrastructure Asia Pacific said: “RREEF Infrastructure has had a long- standing commitment to the Australian infrastructure market and we continue to actively pursue domestic investment opportunities which we believe are attractive to our clients.

“Our strategy has been to build on our investment heritage to target high quality and well structured deals for our clients. Regulated assets such as gas distribution are an important element of this strategy both locally and offshore.” 

Michael Robinson, Head of Acquisitions for RREEF Infrastructure Australia added “The regulated nature of the ALLGAS business and the stable and secure CPI-linked cash flows it provides are an ideal fit with our clients’ requirements. We are looking forward to working alongside two excellent partners in Marubeni and APA in this investment.”

The agreed sale is expected to complete before the end of 2011.

For further information, please call:
Deutsche Bank AG

Michelle Chaperon
+612 8258 1311
michelle.chaperon@db.com