ADQ has announced its first Australian venture with the acquisition of a 49% stake in the $25 billion infrastructure developer Plenary Group.

The acquisition includes all shares owned by Canadian pension fund Caisse de dépôt et placement du Québec (CDBQ), which will continue to be invested in Plenary’s Australian assets and will remain the major shareholder of Plenary’s separate Americas business, ADQ said in a statement.

ADQ’s capital will be used for Plenary’s growth plans in Australia, the Middle East, Asia, the UK and Europe.

The two organisations will form a partnership, which will include a co-investment platform focusing on public and social infrastructure opportunities in the GCC region, the Middle East and Central Asia, the statement said.

Plenary was established in 2004, with a portfolio of 21 assets under management valued at $25 billion across Australia and the Middle East and invests, develops and manages public infrastructure.

Hamad Al Hammadi, deputy group CEO of ADQ, said: “This collaboration, marking our inaugural venture in Australia, underscores ADQ’s commitment to developing partnerships that complement our investment strategy, which aims to create long-term value and generate sustainable financial returns.

“We are confident that our partnership in Plenary will unlock significant opportunities to contribute to the development of state-of-the-art infrastructure assets, boosting economic growth and social welfare in the target geographies.”

Plenary first entered the UAE market when it announced the Zayed City Schools public-private partnership (PPP) in 2022.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)