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Shares in Challenger Infrastructure Fund (ASX:CIF) gained yesterday after the infrastructure asset investor sold its controlling stake in a tank storage facilities operator for $US277.8 million.
Challenger has divested its 66.2 per cent interest in LBC Tank Terminal Group to a consortium of pension funds.
Challenger says the price achieved reflects both the resilience of the businesses existing operations as well as its future growth prospects.
Subject to approvals the sale is expected to be finalised late next month, or early August, after which Challenger expects to have cash reserves of about $415 million.
Shares in Challenger Infrastructure Fund gained 7.27 per cent yesterday, closing at $1.18.
Challenger Infrastructure Fund booked a net loss of $133.8 million in the first half of the 2012 financial year.
