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Hastings Utilities Trust of Australia infrastructure fund raises AUD610m

The Hastings-managed Utilities Trust of Australia has reached first close on its 2012 capital raising with commitments of around AUD610m received from existing and new investors.

The first close is in line with expectations outlined in January 2012.

The fund’s 2012 capital raising remains open to existing and new clients.

Richard Hoskins, chief executive officer of UTA and executive director at Hastings, says: “We are very pleased with the level of support for UTA shown by our clients. We believe UTA offers investors a well managed, quality portfolio of assets in the core infrastructure space. It has delivered strong, consistent returns through the challenging economic conditions of recent times.”

The capital raised will be applied towards supporting organic growth opportunities within UTA’s existing portfolio, including Perth Airport and the recently announced widening of the Sydney M5 toll road. It will also be applied towards funding UTA’s recent AUD250m investment in the Sydney Desalination Plant, funding other new investments fitting UTA’s portfolio strategy and meeting other obligations of the fund.

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