MELBOURNE (Dow Jones) ? Australian toll road developer Transurban Group is to move its domicile to Bermuda in order to make it easier to invest around the world while still making cash distributions to its Australian investors.

Transurban said yesterday it plans to pursue overseas opportunities because the Australian market has become too expensive.

Chairman Laurie Cox told shareholders at the company?s annual general meeting in Melbourne yesterday of plans to restructure the group to put it in a better position to pursue new projects offshore.

?The reason we are looking offshore is that the opportunities are more attractive there. The Australian market has become too expensive,? he said.

?We have already declined to get involved in a number of projects or acquisitions because the price is just too high for the risks involved.?

Cox said Transurban will continue to pursue opportunities in Australia, but only when it has competitive advantage.

Shareholders were told the restructure will involve replacing existing Transurban Ltd. shares with Transurban International Ltd (TIL) shares.

TIL will be incorporated in Bermuda to gain greater flexibility with respect to distributions.

Transurban also plans to establish a new investment vehicle in the US, sourcing up to $2 billion capital from external investors who will co-invest in projects.

The company said a number of institutional investors and pension funds had already signalled their interest in participating.

The company has also appointed a US advisory board to guide its development in that country.

Its members are former NASDAQ president Alfred Berkley, former US Secretary of Transport Rodney Slater, former White House chief of staff Sam Skinner and former Republican Senator Peter Fitzgerald.

Cox said Transurban is forecasting total distributions of 54 cents per security for 2007.