IFM Investors has lifted its stake in Atlas Arteria in a move that signals that it has not lost interest in buying the toll road operator.
The toll road operator released a statement to the Australian Securities Exchange on Thursday saying that its vehicle, Diamond Infraco, and its associates have increased the relevant interest in the company to 19 per cent.
The stake comprises a relevant interest of 9.99 per cent and an economic interest of 9.01 per cent.
The move comes despite IFM walking away from takeover discussions with the toll road operator.
This was after the target refused to give the global infrastructure investor access to more detailed financial documents and had met with senior management three times since it amasset a 15 per cent holding in June.
IFM had an existing stake but the holding was increased to 15 per cent following a raid on its register.
Market sources believe that IFM will wait until the concession has been extended on the toll road asset it owns in France, APRR.
The concession ends around 2036 and the toll asset comprises most of the value of Atlas.
Last month, IFM said it reserved the right to re-start talks in the future over an acquisiton.
IFM is a $181bn asset manager, which invests on the behalf of more than 550 institutions including superannuation funds.
IFM already owns stakes in Sydney’s Eastern Distributor toll road, the UK’s M6 Toll and the US’s Indiana toll road near Chicago.
Shares in Atlas Arteria closed at $7.75 on Wednesday with its market value at $7.43bn. It was trading at about $8.13 before it announced talks were off in July.
HMC moves in on Healthscope opportunity
The listed real estate group says all options are on the table for ensuring its major hospital tenant keeps trading.
Private equity firms not interested in Domain
The $1.7bn Domain Group is said to have been shopped to private equity firms far and wide to test their interest in taking a stake in the business. None appear keen, sources say.