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NSW Land Titles Registry Services, the record keeper for all property sales in the state, is fielding interest from Singapore-listed Keppel Infrastructure Holdings.

Street Talk understands Keppel has been eyeing a 20 per cent stake in the registry put up for sale last year by London’s NatWest Group Pension Fund.

Sources say Keppel was in the data room, but is yet to table an offer because of questions around whether the registry’s existing shareholders are planning to exercise their pre-emption rights.

Front-of-mind for prospective acquirers is Aware Super, which owns 30 per cent of NSW Land Titles Registry (see chart below).

While they’d be forgiven for thinking Aware has had its fill of registry assets – it scooped up the Victorian equivalent for $2.9 billion in 2019 – the pension fund is said to be hungry for more, at the right price. Aware was also among winning bidders for VicRoads′ $7.9 billion partial privatisation less than two years ago.

Keppel and Aware Super declined to comment when contacted by Street Talk on Wednesday.

Meanwhile, Macquarie’s The Infrastructure Fund, owner of a 20 per cent shareholding in NSW Land Titles Registry, is also being closely monitored. TIF is selling its stakes at Queensland Airport and Perth Airport so, naturally, there are questions around whether it wants to join NatWest on the sell-down.

It’s shaping up to be a slow-moving auction despite the asset’s monopolistic status – every property sale, purchase or transfer in NSW has to go through it, from waterfront mansions in Mosman to strata apartments in the inner-west and farms in regional areas.

Indicative bids went in before Christmas. It’s early days, but there aren’t many buy-side mandates flying around, as interested parties sit tight ahead of further clarity on Aware and TIF’s status in the auction.

It is understood bidders were told sell-side adviser, RBC Capital Markets, has taken the non-binding proposals to Aware, TIF and Morrison & Co to see if they want to exercise their pre-emption rights. TIF will no doubt consider the numbers put forward to assess whether to cash out. Until then, it’s a waiting game.

Read the full story tomorrow and more on the Street Talk page.

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