ADQ, an investment and holding company based in Abu Dhabi, and Plenary Group (Plenary), an independent investor, developer, and manager of public-private infrastructure projects headquartered in Australia, have announced a partnership aimed at accelerating the expansion of public and social infrastructure through strategic investments.
Under the agreement, ADQ will acquire a 49 percent stake in Plenary, which includes the shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec. The Canadian pension fund will continue to have a significant investment in various Plenary assets in Australia and remain the major shareholder in Plenary’s Americas business.
ADQ partnered with Plenary Group, a leading independent investor, developer and manager of public-private infrastructure projects headquartered in Australia, to establish a co-investment platform pic.twitter.com/dP1nmOYUST
— ADQ (@Adq_Official) April 24, 2024
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Co-investment platform for public infrastructure in high-growth regions
ADQ’s primary capital contribution will be used to expedite Plenary’s growth plans across its key markets in Australia, the Middle East, Asia, the U.K., and Europe.
As part of the partnership, Plenary and ADQ will further establish a co-investment platform focused on public and social infrastructure opportunities in high-growth regions, including the GCC region, the Middle East, and Central Asia. This collaboration will enable ADQ to enhance its track record in infrastructure investment, fostering economic development in the UAE and other countries.
Plenary, established in 2004, manages a portfolio of 21 assets valued at over US$25 billion across Australia and the Middle East. Moreover, the company is renowned for its expertise in investing, developing, and managing public infrastructure projects, successfully expanding its business internationally.
Hamad Al Hammadi, Deputy Group Chief Executive Officer of ADQ, conveyed his confidence in the partnership by highlighting that this collaboration represents ADQ’s inaugural venture in Australia. He emphasized ADQ’s dedication to cultivating partnerships that align with their investment strategy, with the goal of generating enduring value and sustainable financial returns. According to Mr. Al Hammadi, the alliance with Plenary is further anticipated to unlock substantial prospects in the development of cutting-edge infrastructure assets, thereby fostering economic growth and enhancing social well-being in the target regions.
Capitalizing on new prospects, target market leadership
According to John O’Rourke, chairman and founder of Plenary Group, the investment made by ADQ is expected to facilitate the company’s growth both domestically in Australia and internationally. O’Rourke emphasized that the co-investment platform will provide opportunities for expanding their operations in the Middle East. He also acknowledged ADQ’s significant presence in the Middle East and globally, along with their impressive portfolio of infrastructure assets. O’Rourke further highlighted the crucial aspect of ADQ’s commitment to supporting the development and operation of public infrastructure in collaboration with Plenary. Based on their collective expertise and investment capabilities, O’Rourke expressed confidence in their ability to capitalize on new prospects and establish themselves as leaders in their target markets.
ADQ’s expansive portfolio of infrastructure assets encompasses key sectors such as transport and logistics, energy and utilities, and real estate.
Plenary has already made significant progress in the Middle East since entering the region in 2022. Notably, it secured the UAE’s first schools public-private partnership, which involved financing, design, procurement, construction, commissioning, and 20-year operations and maintenance of three state-of-the-art school campuses in Zayed City, Abu Dhabi.
The completion of the transaction is subject to customary closing conditions and regulatory approvals.
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