Hermes GPE, a UK manager of infrastructure programmes on behalf of institutional investors and pension funds, has appointed Peter Hofbauer, former global head of infrastructure at Babcock & Brown, as its new head of infrastructure.
The infrastructure fund has obtained €475m of long-term project financing to back two greenfield solar thermal plants.
Atlantia, SIAS and Mediobanca have paid €290m for the remaining 50% they didn’t already own in three Chilean toll road concessionaires. The seller was Spain’s Acciona.
After refinancing talks broke down, a consortium of banks led by Portugal’s BES has become the new owner of the Isle of Man Steam Packet ferry operator, previously owned by a team of Australian pension funds, advised by Access Capital Advisers, and Macquarie.
Infrastructure Investor recently hosted a roundtable in New Delhi comprising a selection of Indian infrastructure professionals. Here is what they had to say about the market’s challenges and pitfalls.
The fund is to provide more than £22m in loans this month, after which its capital will be fully invested. London-based Gravis expects to tap the market again later this year for a fresh round of fundraising.
Norway’s biggest oil and gas producer is considering selling part of its 28.5% stake in Gassled, the owner of the world’s largest offshore gas transmission system. A team of UBS and CDC Infrastructure bought a 9.43% stake in Gassled from ExxonMobil last year.
Funds specialising in infrastructure investments have tripled in size since 2007, according to a report from Deloitte. And despite competition from direct investments, the amount of institutional money invested in infrastructure funds ‘will grow steadily over the next few years’.
Bad memories of structured investment vehicles and a pricing mismatch between the underlying loans and the margins investors were demanding are said to have ultimately derailed the bank’s efforts to securitise £1.5bn of PFI loans.
Herbert Lütkestratkötter is retiring and will leave the company on May 12. His successor, Frank Stieler, has the blessing of major Hochtief shareholder ACS, which already owns more than 40% of the German company ahead of an eventual takeover.
To catch investor attention, funds need to differentiate themselves, think smaller, cut fees and have management teams with a track record in the space, writes Bruno Alves.
The international law firm’s Paris office has recruited Christophe Asselineau as a partner from Simmons & Simmons to bolster its energy, mining and infrastructure practices in Africa’s emerging markets.
The Arab Financing Facility aims to raise up to $1bn to focus on regional infrastructure and public-private partnerships across the Arab countries. The fund is being backed by the World Bank, the IFC and the Islamic Development Bank.
The bank is keeping its Irish loans but is exiting the international project finance arena with the sale of a €3bn loan book, starting in mid-April. Deutsche Bank has been hired to advise on the sale.
The four operational projects, part of the UK’s project finance initiative, were bought through the fund’s first offer agreement with developer John Laing. The fund expects to be able to tap into £300m of acquisition opportunities from John Laing over the next three years.