Infratil Limited

Infratil was founded in 1994 in New Zealand by the late Lloyd Morrison and remains to this day managed by the company he founded (Morrison and Co). Its initial investment was a minority stake in Trustpower, which laid the foundation for its expansive portfolio. Over the years, Infratil has made several strategic acquisitions, including a 66% shareholding in Wellington Airport in 1998 and substantial investments in digital infrastructure and renewable energy. In recent years, the company has focused on data centre expansion, digital connectivity, and renewable power, aligning with global trends in infrastructure and technology. One of its key investments is Canberra data centre business CDC. CDC is the largest private operator in Australia with 268Mq in capacity operational and another 265mw under construction across Australia and New Zealand. It has big contracts with government departments and cloud companies such as Microsoft. Over the ten years to early 2025 the company’s assets increased roughly 7-fold, with digital infrastructure growing to around two-thirds of total value and geographic diversification expanding significantly beyond Australasia. It boasts an 18% TSR (Total Shareholder Return) since its inception in 1994 and targets 11-15% per annum returns on a rolling 10 year basis.