John Laing announced that it has increased its commitment in the Sydney light rail network to a 95% majority stake following an agreement to acquire Aware Super’s 62.5% interest in the public private partnership which operates the network.
The acquisition is subject to typical terms and conditions being met and is expected to be completed before the end of Q4.
“Our increased stake reflects our commitment to Sydney Light Rail, which is one of our most highly regarded assets. We are incredibly proud to have played a part in developing this city shaping initiative and are delighted to be playing an even greater part of its future,” Andrew Truscott, Chief Executive of John Laing, said.
John Laing currently holds a 32.5% stake in Altrac, the partnership that delivered and now operates Sydney light rail system on behalf of the NSW Government. John Laing has been actively involved in the project since commencement in 2014, from initial construction through to the management of the successful mass transport system it is today. Over 40 million trips per year are taken on this network, which has also had a transformative effect on central Sydney’s streetscape.
Further growth of the light rail network is proposed. This includes Altrac’s proposal for an 11 km extension of the network along Parramatta Road to Green Square via Central Station. This extension would support housing investment, reinvigorate Parramatta Road and connect people to jobs, education, healthcare and more. This proposal is subject to ongoing discussion and consideration by Transport for NSW.
In addition to its long-term investment horizon, John Laing brings active management expertise including the technical skills and track record needed to deliver and operate complex transit projects.
Sydney light rail network is a vital component of Sydney’s public transport system, helping to ease traffic congestion and reduce vehicle emissions - with each light rail vehicle able to carry up to 450 passengers, the equivalent of 9 buses.
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