The Spanish developer’s concessions arm has been awarded a further 247km of transmission lines in Brazil, where it has over 3,000km of transmission lines in total. The 30-year concession is expected to involve capital expenditure of almost €130m and deliver annual revenues of nearly €12m.
The Italian developer has paid €30m to acquire an extra 10% in Brazil’s Triângulo do Sol Auto – the operator of a 442km toll motorway network in São Paulo – increasing its total shareholding in the firm to 60%. Atlantia plans to acquire another 10% of the concessionaire once this transaction closes.
The French fund manager has acquired Idex, billed as ‘France’s largest independent energy and environmental services company’, from private equity firm IK Investment Partners for an undisclosed amount. Idex posted sales of €525m as of February 2011.
Lord Stern, who produced a landmark report on climate change, is part of a group of nine advisors appointed by the government to help 3i’s Sir Adrian Montague set up the UK’s Green Investment Bank.
The Public Sector Pension Investment Board has acquired a 5% stake in the Norwegian gas transport network from Shell. The Canadian pension joins the likes of Allianz Capital Partners, CPPIB and ADIA, which spent close to €2.8bn buying into Gassled over the summer.
Limited partners, especially pension funds and life insurers, will readily tell you that they like infrastructure because of its long-term, stable cash-flows. So why do they prefer infrastructure funds with 10- to 12-year life-cycles?
As the infrastructure asset class matures, two quite different types of investment are emerging. Former Allianz Capital Partners chief executive Thomas Putter explains why an understanding of this is so crucial
The Dutch pension provider is due to finish investing the PGGM Infrastructure Fund in December, after which it plans to start forming a new fund in early 2012. The two-year fund has currently invested €1bn and is targeting a yield of 5% for its three pension clients.
ACS' takeover of Hochtief has boosted its sales by 26.5% and doubled its international activities, which now account for 52.5% of its total sales. The firm has also announced that it will sell its stake in Florida’s €1.2bn I-595 highway.
Giles Frost, a director at listed infrastructure fund INPP, has said the investment community has been slow to pick up on the strong performance of listed infrastructure, both against stock market benchmarks and unlisted infrastructure. INPP announced its interim six-month results today.
John Laing Infrastructure Fund (JLIF) has delivered half-yearly interim results described as “very encouraging” by investment bank JPMorgan Cazenove. The fund, which raised £270m towards the end of last year, saw portfolio value increase by 7.1% over the reporting period.
Southeastern Asset Management, which played a prominent role in ACS’ takeover of Hochtief earlier this year, has acquired an additional 2% of Ferrovial, making it the company’s second-largest shareholder.
The country’s Privatisation Administration is looking for a private partner to operate and maintain some 2,000km of roads – including Istanbul’s two suspension bridges, which are said to comprise up to 80% of the deal’s total value. Interested bidders will have to post a $200m bond to participate.
The 30-year concession contract will require the private party to build a 49km stretch of the A66 highway, with the winner to be remunerated via availability payments.
The infrastructure investor, together with Finnish firms Destia and YIT, are entering negotiations with the Finnish Transport Agency with a view to signing a 15-year concession contract in November.