The 30-year fund plans to raise at least €115m to invest in Benelux infrastructure. Unlike their first fund, DG Infra+, the new vehicle will focus on annual cash distributions to investors with the fee structure linked to the fund’s annual yield. Five investors have already committed €80m to the fund, which is targeting its first close in September.
The Portuguese firm will sell its entire stake in Brazilian toll road operator CCR for €1.2bn – roughly 6.5 times more than the €185m it spent buying into CCR in 2001. It intends to partly use the money to replicate CCR's success in other geographies.
Vancouver Airport Services, a joint venture between Vancouver Airport Authority and Citi Infrastructure Investors, has acquired a 65% interest in Peel Airports, a collection of three English airport assets including Liverpool John Lennon.
The London-listed firm has sold part of inspection and testing business Inspicio. It retains two of Inspicio’s other business units.
The Japanese manufacturing company’s pension fund, which manages 87 billion yen of assets, is reportedly planning to target domestic and international real estate investments for the first time since 2006.
Responses from trade associations suggest alternative investment fund managers in the UK may have mixed feelings as capital gains tax is increased in today’s emergency budget from 18% to 28%.
Partner Michael McGhee said at a transport conference in Barcelona that the fund manager plans to increase the airport’s debt-to-regulated asset base ratio to between 60% and 65% from its current 43%.
Infrastructure Development Finance Company, the India-focused infrastructure business, is to set up a real estate investment arm and has hired former SUN-Apollo managing director and chief executive officer, Chetan Davé to lead the platform.
Linklaters' Elizabeth Ward answers our questions on disclosure requirements, leverage restrictions and ‘third country’ rules in the differing AIFM drafts being negotiated.
A second, binding round of bidding for French energy group EDF’s UK electricity network has been postponed until mid-July. Bigger than expected capex requirements and regulatory issues surrounding a £200m pension deficit are said to be behind the delay.
Infrastructure funds are among bidders expected to throw their hats into the ring after High Speed 1, the UK’s only current high-speed rail line, was put up for sale today.
The government has launched a pre-qualification notice for the 30-year public-private partnership to upgrade and manage Bamako-Sénou airport. The contract will be worth about €100m with interested parties to submit their qualifications by July 30.
The UK government has suspended procurement for the Search and Rescue Helicopter private finance initiative project, awarded to an RBS/Thales consortium, because of a spending review. The review also threatens numerous projects awarded in a school-building initiative, where the UK believes it ‘has been overcommitted’.
The global alternative investment manager has closed its largest direct private debt vehicle to date.
It’s ultimately in the best of interests of fund managers to accept tax increases, such as the UK's new 28% capital gains rate, and move on.