April 12, 2017 / 3:29 AM / 3 months ago

Hastings, First State Super will pay $2 bln to run Australian state land registry

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SYDNEY, April 12 (Reuters) - A consortium comprising Australia's Hastings Funds Management and pension fund First State Super agreed to pay A$2.6 billion ($1.95 billion) to run New South Wales state's land registry, the state government said on Wednesday.

The money raised will be invested in infrastructure across New South Wales, the government statement said.

The consortium is made up of 80 percent Australian institutional investors, including First State Super, investment funds from Hastings Funds Management and a 20 percent stake held by the Royal Bank of Scotland Group's pension fund, also managed by Hastings, it added.

"The transition to the new operator is expected to be finalised over the coming months." ($1 = 1.3356 Australian dollars) (Reporting by Tom Westbrook)

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