New chief executive Mike Tilley has begun targeting new fields and has cut back on the company’s global property network by selling the UK portfolio as well as two properties in Austin, Texas, for $706 million.

For the bulk of its money the company will earn a 5.8% stake in Gas Network Ltd, which services around 6.7 million people, as well as improving its stake in the Wales & West Gas Distribution Network by $35 million.

Challenger bought the stake in Gas Network from Hong Kong billionaire Li Ka-shing's Cheung Kong Infrastructure.

"The market in Australia is much more mature than in Europe and the returns that are on offer mean we are unlikely to look here at this stage," said Tilley.