Property tycoon, Vincent Tchenguiz has acquired a 16.3% stake in an Australian-run infrastructure fund.

Tchenguiz has paid A$138m (£55 m) for a stake in the Challenger Infrastructure Fund through Arkmile, which is part of his Consensus Business Group.

The Infrastructure Fund’s principal investments are in Inexus, an independent gas transporter in the UK; Arqiva, a UK broadcast transmitter; Northern Gas Works – the third largest gas distributor and Wales & West Utilities.

Challenger’s chief executive officer Mike Tilley said: ‘Challenger is committed to CIF and will remain a substantial shareholder.

‘We have a growing strategic relationship with the Consensus Business Group and will continue to work closely with them on a number of opportunities.’