Latest news with #JasonBoyes
RNZ News
07-08-2025
- Business
- RNZ News
Infratil, NZ Super Fund to sell RetireAustralia for $925m
Infratil chief executive Jason Boyes Photo: Supplied Infratil and the New Zealand Superannuation Fund have made a deal to sell their 100 percent interest in RetireAustralia for just over $925 million. The global real estate investment business, Invesco, will buy RetireAustralia, with Infratil expecting proceeds of about $328m for its 50 percent stake. Infratil chief executive Jason Boyes said RetireAustralia was a quality business and in a strong position for future growth under Invesco's ownership. "Since Infratil's initial investment in 2014, RetireAustralia has undergone significant change, including the appointment of new leadership, a refreshed strategy, and a strengthened development pipeline," Boyes said. "Unfortunately, over the same period, the sector has faced a number of challenges, which have contributed to us not being able to fully realise our ambitions for the RetireAustralia business." As at 31 March 2025, the carrying value of Infratil's investment in RetireAustralia was $404m, with the transaction expected to result in an accounting loss on the sale of about $80m. "Although at a loss, the decision to sell RetireAustralia is consistent with the strategy outlined at our full-year result, where we indicated our intention to divest businesses unlikely to scale under our ownership to increase balance sheet flexibility for reinvestment," Boyes said. "Further work toward our $1 billion divestment target continues ." The transaction was subject to the satisfaction of a limited number of conditions and expected to be completed by the end of the year. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
28-05-2025
- Business
- RNZ News
Infratil eyes sale of $1b in assets as it targets stronger growth
Infratil chief executive Jason Boyes Photo: Supplied Infratil is looking to sell about a billion dollars of assets over the next two to three years as part of a strategy to create more shareholder value. "We're much bigger now than we used to be and so we've taken a look at our strategy," Infratil chief executive Jason Boyes said, following the release of its full year result . He said all business units needed to fit with the growth strategy, which included CDC Data Centres, One NZ, Wellington Airport, RetireAustralia and healthcare assets. "Every business really has to contribute, and if they can't scale in our ownership . . . then we're better to find a better owner for them and move on, and move that capital into things that can meaningfully contribute in the long term." He said no decisions had been made about what was up for sale, though the retirement business was one asset it had considered selling in the past. "So that would definitely be one that we would not see being in the portfolio over the long term." He said Wellington Airport still had growth potential. "I think there are actually ways to scale our exposure to airports, which are interesting, but it has to, over time meet the same requirements as every other business which is it needs to be big enough to contribute meaningfully, as we hopefully continue to grow." Healthcare services were also showing growth potential, with advances in technology. "A niche sub-sector of radiology is growing really fast globally and could be a way for those businesses to scale in the portfolio and remain interesting and relevant for shareholders." Boyes said the proceeds of any sale would likely support growth in renewable energy. "Our investment in renewable energy in Southeast Asia and Singapore - that is a business that could take a good chunk of that billion dollars . . . particularly with a big project they're working on there with the help of the Singapore government. "So that's one place (further investment) could go, but we always look around for the next theme that we want to be exposed to as early as we can." One of the theme areas Infratil was looking at was advanced logistics, such as robots and warehouses dispensing pharmaceuticals or other items. "A very interesting infrastructure-like asset that doesn't currently exist today. I wouldn't be surprised to see that turn up at some point, or an idea like that," Boyes said. "I think that's the best way to think about the portfolio is how it's going to develop over time. "The individual assets change, themes come and go, but actually for something that's been going for 31 years, the recurring theme is how you manage that over a long period of time."
RNZ News
27-05-2025
- Business
- RNZ News
Infratil posts $986m underlying profit
Infratil chief executive Jason Boyes Photo: Supplied Infrastructure investor Infratil has reported a strong full year result with underlying profit near the top end of its guidance. However, the company made a bottom line net loss, primarily reflecting a drop in revaluation gains over the year earlier, when Infratil's controlling interest in One NZ resulted in a $1.075 billion revaluation gain. Key numbers for the 12 months ended March compared with a year ago: Infratil chief executive Jason Boyes said the result reflected strong operating earnings growth of 8.6 percent, driven by growing contributions from CDC Data Centres, One NZ, Wellington Airport and RetireAustralia. "Overall, the operating results were pleasing, particularly given inflationary pressures heading into the year," Boyes said. "One NZ's above target performance stands out, given the difficulties the New Zealand economy has faced, and demonstrates the differentiated position of our business. "CDC and Longroad's strong growth continued. Qscan produced excellent double-digit earnings growth with RHCNZ Medical Imaging not far behind, with both getting on top of the sector's inflationary pressures." He said AI was accelerating demand for data centre space as well as electricity to power them. "This calendar year, investors have focused closely on the pace of that acceleration, and now US tariffs, amid tight New Zealand's economic conditions." Boyes said Australia and New Zealand were emerging as critical destinations for fit-for-purpose AI infrastructure. "CDC is exceptionally well positioned, benefiting from geopolitical trust, energy stability, and regulatory certainty - factors that are becoming increasingly important to global hyperscale and AI customers." The company expected the current year to deliver underlying profit of between $1 billion and $1.05b, excluding its stake in Manawa Energy following the sale to Contact Energy. However, it said the guidance range for its renewable development companies, Gurīn Energy, Galileo and Mint Renewables, was for a loss of $85m-$105m. Boyes said CDC's independent valuer confirmed A$13.7 billion as the mid-point of its independent valuation, which in turn valued Infratil's investment at NZ$7.2b, compared with the year earlier's NZ$4.4b. He said the CDC valutation alongside independent valuations of its other international assets, would see the portfolio manager, Morrison & Co, receive a $350.6m incentive fee payable over three years.
