Queensland Investment Corporation (QIC) confirmed its plan to sell its USD4 billion road asset Queensland Motorways. The move aimed to rebalance its asset portfolio, according to a report published by The Australian on its website.

Damien Frawley, chief executive of QIC, said yesterday that the fund group has not yet reached a decision regarding the next step after the sale of its toll road asset. He also said QIC was aiming to rebalance its asset portfolio by divesting its assets, the report said.

Last year, QIC denied that it was planning to sell Queensland Motorways. At the time, the group said it was trying to raise USD1.5 billion to refinance the toll road asset, according to the report.

QIC holds the investment for the the state-owned Defined Benefit Fund. This is a superannuation fund for retired workers. The QIC group said any proceeds derived from the process would be kept in the fund, as reported by The Australian.

Groups that could show interest in Queensland Motorways include Abertis/Hastings, Industry Funds Management, Canadian Pension Plan Investment Board, and the Ontario Teachers Pension Plan, said the report.