THE TRUST COMPANY (AUSTRALIA) LIMITED

ABN 21 000 000 993 · 2 acquisitions

As Target(1)

ApprovedAssessment completedWaiverCase number WA-10011

7 Apr 2026

Wentworth Capital – Novotel Darling Harbour and Ibis Darling Harbour

Wentworth Capital Investment Management Pty Ltd (together with its holding companies and subsidiaries, Wentworth) is an Australian asset manager based in Sydney which specialises in real estate. Its core activities are asset management, real estate private equity and real estate private credit. Funds managed by Wentworth will acquire 100% of the hotel businesses and related assets of Novotel Darling Harbour and Ibis Darling Harbour (Hotel Businesses) from Pearl Hotels D 1993 Pty Limited and the leasehold interests in the land on which the Hotel Businesses operate (Property) from The Trust Company (Australia) Limited in its capacity as trustee of the Pearl Hotels ZC 2013 Trust. The Hotel Businesses currently offer hotel accommodation services (and ancillary services related to the operation of a hotel) under brands associated with the Accor Group, which will continue to manage the hotels post-acquisition.

Other Party(1)

Phase 1 - initial assessmentUnder assessmentNotificationCase number MN-90007

10d ago

Volt Managed Investment Trusts – HMC Energy Transition Platform

Volt Managed Investment Trust 1 and Volt Managed Investment Trust 2 (together, the Volt MITs), through their respective trustees, propose to invest A$355 million in HMC Capital Limited’s Energy Transition Platform (HMC Platform) through the acquisition of loan notes and share warrants issued by Volt HoldCo Pty Ltd (Volt HoldCo) (the Acquisition), with the warrants automatically converting into a minority equity interest in Volt HoldCo upon repayment of the loan notes. HMC Platform comprises wholly-owned subsidiaries of Volt HoldCo. The Volt MITs are administered by professional trust companies, namely Perpetual Corporate Trust Limited, and The Trust Company (Australia) Limited, respectively (together, the Perpetual Trustees). The single unitholders in the Volt MITs are KKR Global Climate Transition Holdings Pte. Ltd and KKR Asia Climate Holdings Pte. Ltd respectively (the KKR Funds). The Volt MITs are ultimately wholly owned by investment funds, vehicles and/or accounts advised and managed by various indirect subsidiaries of KKR & Co. Inc. (together with its direct and indirect subsidiaries, KKR). KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions. HMC Capital Limited (HMC or HMC Capital) is an ASX-listed alternative asset manager. The HMC Platform operates energy generation and storage assets and has a development pipeline of wind and energy storage projects. KKR and the HMC Platform (the Parties) both operate within the electricity generation supply chain. The Parties horizontally overlap in the operation of electricity generating and storage assets in NEM. Some of HMC Platform’s assets and pipeline projects are, or will be, connected to transmission infrastructure in which KKR has an indirect and minority interest.