Two UK local pensions have raised eyebrows by entering into an innovative fund to help finance regeneration projects in the north-west of England.
Dragages Singapore, a subsidiary of Bouygues, and HSBC Infrastructure Fund III have won a contract to build and operate a sports hub in Singapore over the next 25 years. UPDATED WITH FULL BANK LIST.
An increase in the valuations of Perth, Melbourne, Launceston and three regional Queensland airports have grown the listed fund’s portfolio value by 18%, leading the Australian Infrastructure Fund to almost double its net profit.
The advisory company running the day-to-day activities of the EU-focused €1.5 billion Marguerite infrastructure fund has hired Michael Dedieu, the former head of Fluor’s European infrastructure business, to be the firm’s managing director for transport investments.
Parsippany-based Pramerica Real Estate Investors and London-based Rockspring Property Investment Managers become the latest beneficiaries of the National Pension Service of Korea’s desire to increase its exposure to alternative assets.
The UK-airports operator, owned by Ferrovial, successfully refinanced £625m of junior debt with eight banks, an increase on the original £500m it was seeking. BAA said it plans to repay £1.1bn of a £1.57bn debt facility in September, prompting credit default swaps on the group’s debt to fall.
Following its acquisition of a stake in Gatwick airport, South Korea’s National Pension Service is now looking to acquire Chevron’s 23.44% stake in US pipeline operator Colonial Pipeline in a deal estimated at $845m.
Prime Infrastructure’s directors have recommended to their shareholders a takeover offer from Brookfield Infrastructure Partners valuing it at A$1.6bn. Brookfield already owned 40 percent of the former Babcock & Brown satellite as a result of an A$1.8bn recapitalisation in late 2009.
Spence Clunie, a senior managing director responsible for Macquarie Capital’s UK and European debt business, has left the firm after five years to set up his own business in the infrastructure space. However, he will still act as a consultant to Macquarie until the first half of 2011.
The Portuguese energy group said it has mandated two investment banks to study the sale of a minority participation in its gas distribution business.
How much of the infrastructure debt overhang will the bond market be asked to digest? And does it have the appetite, asks Andy Thomson.
The UK-based asset manager announced yesterday that clients in one of its UK infrastructure funds are threatening legal action against the group. The fund in question has been underperforming since its inception and is fully invested in a single company and its projects.
Pension fund USS and CDC Infrastructure have joined Eurotunnel, Goldman Sachs and Infracapital Partners to submit an initial bid for the UK’s high-speed rail link to the Channel Tunnel. A Morgan Stanley/3i/ADIA consortium, a team comprising Borealis and OTPP and a fourth bidder led by Cheung Kong Infrastructure are also rumoured to have submitted offers.
The New Zealand infrastructure fund’s first investment saw it purchase a 50% stake in a convention centre in Melbourne from Plenary Group. PIP Fund said it will invest in a similar opportunity in New Zealand and may team up with Plenary Group again for that investment.
Ernst & Young, Ashurst and Atkins will provide financial, legal and technical advisory services respectively for Kuwait’s $7bn metro project – the country’s second public-private partnership.