Australian investment bank Macquarie sells last of its stake in Thames Water to Canadian and Kuwaiti funds

William Turvill
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Macquarie has been invested in Thames Water for 11 years (Source: Thames Water)

Australian investment bank Macquarie has sold its stake in Thames Water to a Canadian pension fund and a Kuwaiti infrastructure investor.

Macquarie Infrastructure and Real Assets (MIRA) today announced the sale of its 26.3 per cent interest in Kemble Water Holdings, the holding company of Thames Water.

The buyers are Borealis Infrastructure, part of Canada’s OMERS pension fund, and Wren House, the infrastructure investing arm of the Kuwait Investment Authority.

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The sale marks the final divestment by Macquarie of its stake in the Thames Water business after 11 years invested in the business.

Macquarie, which is in the process of trying to buy the government’s Green Investment Bank, was said to be seeking up to £1.5bn from the sale. Nomura and Macquarie Capital advised on the sale.

“We feel privileged to have been associated with Thames Water for such a long period of time and are pleased to have significantly increased investment levels and improved operational performance,” said Martin Stanley, global head of MIRA.

Read more: Macquarie turns off the tap at Thames Water

“Today, Thames Water is undoubtedly a better, stronger and more customer-focused business than that which we invested in back in 2006.

“We wish the new shareholders well in continuing on this journey to improve the business, delivering a strong and improving network to keep pace with the demands of serving a dynamic and growing region.”

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