It was owned by Australian Infrastructure Fund (39%), Utilities Trust of Australia (39%) and Legal & General (22%)[7][8] and was awarded a 30-year concession to operate the Sydney Light Rail (SLR) system until February 2028 when ownership would pass to the State Government.

[9] The contract gave the company significant control over the commercial arrangements relating to future extensions or interconnecting lines.

The share composition of the joint venture were CGEA Transport (51%) and SLRC (49%, with 19% Australian Infrastructure Fund, 19% Utilities Trust of Australia and 11% Legal & General).

In early 2001, Connex (renamed from CGEA Transport in 1999) sold its share of the monorail to the constituents of SLRC, bringing the monorail and light rail under the common ownership of Australian Infrastructure Fund, Utilities Trust of Australia and Legal & General.

It continued to contract day-to-day operations of the monorail and light rail to Connex,[14][13] rebranded Veolia Transport Sydney in 2006.

[17] The purchase removed the contractual restrictions on expanding the light rail network and allowed the government to dismantle the monorail, assisting its plans to redevelop the Sydney Convention and Exhibition Centre.