If infrastructure fund managers wish to have a defence against being described thus, they should act on past discussions about creating a representative association
The Hungarian government is exercising a put option to sell its 25% stake in Budapest Airport to existing shareholders for €136m. Hochtief will benefit the most, acquiring an extra 12% in the airport and increasing its total shareholding to 49.66%.
The UK engineering and development consultancy has been appointed technical adviser to the Neva water project, the first water supply public-private partnership in Russia. The project is expected to reach financial close in the fourth quarter of 2012.
The Macquarie Renaissance Infrastructure Fund, Russia’s first ever infrastructure fund, has closed with $630m of commitments after three years on the fundraising trail. The fund has only done one deal, acquiring a 16 percent stake in Russia’s largest privately owned rolling stock company.
The London-listed infrastructure investor has acquired an interest in the South Ayrshire Schools PPP for £15.75m. The schools included in the finance, design and construction project are all now operational.
The government has said it intends to award Madrid and Barcelona’s airports by the end of this year. It has also created a holding company that will allow it to sell a 49% stake in its airports operator, which it describes as ‘the world’s largest airport operator’, with 47 airports under management.
A new survey on the transport sector from consultants EC Harris shows that, of 17 nations around the world, the US and China have the best match between the attractiveness of the investment opportunity and its size.
The fund has reached a first close with $479m in commitments from institutional investors from Europe, North America and Asia, including PGGM and the Korean Teacher’s Credit Union. It will also have access to an extra $250m for co-investments. Final close is scheduled for 2012.
The UK-based developer and investor has acquired a 50 percent stake in the Oldham and Rochdale street lighting projects in north-west England. Both projects involve 25-year concession contracts.
BBVA, Export Development Canada, Intesa San Paolo and KfW are providing A$366m in debt for the project, which will also be funded with a A$365m grant from the Queensland government.
The infrastructure arm of EQT, the Swedish private equity firm, has acquired a majority stake in Argos Terminals, the storage and terminals business of Rotterdam-based oil and energy company Argos Group. EQT will aim to double the storage capacity of the firm over the next few years.
The Royal Adelaide Hospital, Australia’s largest public-private partnership in the health sector, also received A$300m in equity from five investors, the largest of which was InfraRed Capital Partners.
For pension funds to play a significant role in addressing the world’s future infrastructure investment needs, they must be granted more flexibility
The European Bank for Reconstruction and Development (EBRD) has approved an equity investment of up to €100m in a sub-vehicle that will form part of Meridiam’s second European infrastructure fund. Meridiam has raised at least half of the €1bn it is targeting for Fund II.
The infrastructure fund of M&G Investments has acquired Alticom Holdings from TDF Group. The purchase is Infracapital’s first Dutch and telecommunications deal. Dexia and ING are backing the acquisition with debt.