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		<nameOfIssuer>ALEXANDRIA REAL ESTATE EQ IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015271109</cusip>
		<value>29656</value>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>163000</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>ALPHABET INC</nameOfIssuer>
		<titleOfClass>CAP STK CL C</titleOfClass>
		<cusip>02079K107</cusip>
		<value>7399426</value>
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			<sshPrnamt>2952307</sshPrnamt>
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			<Sole>2952307</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ALPHABET INC</nameOfIssuer>
		<titleOfClass>CAP STK CL A</titleOfClass>
		<cusip>02079K305</cusip>
		<value>1509077</value>
		<shrsOrPrnAmt>
			<sshPrnamt>618021</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>618021</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101121101</cusip>
		<value>1310038</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11432392</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11432392</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CANADIAN NATL RY CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136375102</cusip>
		<value>3176525</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30107803</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>30107803</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CANADIAN PAC RY LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13645T100</cusip>
		<value>4295203</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55860385</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>55860385</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CHARTER COMMUNICATIONS INC N</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>16119P108</cusip>
		<value>7492568</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10385430</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10385430</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KILROY RLTY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49427F108</cusip>
		<value>8363</value>
		<shrsOrPrnAmt>
			<sshPrnamt>120083</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>120083</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>594918104</cusip>
		<value>5548954</value>
		<shrsOrPrnAmt>
			<sshPrnamt>20483405</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>20483405</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MOODYS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>615369105</cusip>
		<value>2378158</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6562790</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6562790</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78409V104</cusip>
		<value>2402553</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5853460</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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			<Sole>5853460</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>UNION PAC CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>907818108</cusip>
		<value>1258266</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5721210</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5721210</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>VISA INC</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>92826C839</cusip>
		<value>3287016</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14057890</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14057890</Sole>
			<Shared>0</Shared>
			<None>0</None>
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