UBS Asset Management Real Estate and Private Markets has sold its 60% stake in the 206MW Collgar wind farm in Western Australia to Retail Employees Superannuation Trust (REST), which now takes full ownership of the project.
UBS Asset Management acquired its 60% stake in the greenfield asset on behalf of a global infrastructure equity strategy in 2010 and funded its pro-rata equity share of the project’s construction.
Collgar is located in Merredin, 250km east of Perth and consists of 111 turbines across 18,000 hectares.
It has been fully operational since 2011.
The project has a five-star Global Real Estate Sustainable Benchmark rating and is ranked first amongst its Australian peer group of onshore wind power generators.
Since its connection to the grid, Collgar has delivered strong annual revenues and dividend distributions for UBS-AM’s clients, with value creation initiatives undertaken including two early refinancings.
UBS Asset Management head of infrastructure Tommaso Albanese said: “We are proud of the project’s long-term environmental contribution and look forward to its continued success under REST’s full ownership.”