The government’s plans to push superannuation funds and schemes to offer retirement income solutions could spawn intra-fund strategies that test the existing boundaries of advice and guidance, an industry discussion has revealed.
A group of superannuation funds within the country’s largest by assets raised the possibility that proper retirement solutions fit uncomfortably with the existing advice and guidance frameworks at
Professional Planner’s parent Conexus Financial’s recent Retirement Conference.
Funds currently take a conservative approach to the provision of intra fund advice because what constitutes financial advice is not clearly defined, but the work being done by policy makers and the funds themselves to clear the way for the government’s Retirement Income Covenant will likely open new pathways for advice within super, the conference delegates heard.
Telstra sells towers stake to Future Fund for $2.8b
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Telstra has sold half of its mobile infrastructure business InfraCo Towers to a consortium of investors that includes the Future Fund, SunSuper and the Commonwealth Superannuation Corporation for $2.8 billion.
Completion of the transaction is expected before the end of September, well ahead of its previously announced schedule, and Telstra said in a statement to the ASX that it would return half of the sale proceeds to shareholders via a buy back and other methods within the next financial year.
It has entered a 15 year agreement with InfraCo Towers to secure ongoing access to its existing and new tower assets as well.
Future Fund pounces on Telstraâs towers in $2.8b deal
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A consortium spearheaded by Australiaâs Future Fund has agreed a deal to buy a stake in Telstraâs mobile telecommunications towers portfolio.
It is understood Future Fund and its co-investors will pay $2.8 billion to buy a 49 per cent stake in Telstraâs TowerCo, which was slated for divestment later this year.
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The deal pre-empts an auction, which was to be run by Macquarie Capital, and comes as Telstraâs arch rival Optus also seeks a buyer for a stake in its telecommunications towers.
Macquarie advised Telstra, Barrenjoey Capital advised Future Fund and its partners.
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Telstra has sold 49 per cent of its tower business to a consortium of superannuation funds for $2.8 billion and said it would pay out half of that sum to shareholders.
The telco giant announced on Wednesday morning it has agreed to sell the stake in InfraCo Towers to Future Fund, Commonwealth Superannuation Corporation and Sunsuper (managed by Morrison & Co), who would become strategic partners in the business. The deal values the business, which is the largest mobile infrastructure provider in the country with about 8200 towers, at $5.9 billion.
Telstra has entered a 15 year agreement with InfraCo Towers to secure ongoing access to its existing and new tower assets.