Emerging markets investor Ashmore and power trading firm PTC India have unveiled their new joint venture aiming to raise $750m to invest in energy infrastructure across India.
The €1.1bn fund – formerly known as ABN Amro Global Infrastructure Fund – has bought a 49% stake in two roads and two transport hubs in Spain owned by Sacyr for €47m. The deal may signal the beginning of a longer-term partnership between the two companies.
Why investors in public-private partnerships say they will not be deterred by fears of sovereign defaults.
The Scandinavian country’s debut rail PPP is in the market with interested parties asked to submit their requests to participate by November 8. A forthcoming roadshow in Brussels will also outline the procurement process for a road PPP, to be tendered later this year.
A year after launching a secondaries desk, the global inter-dealer broker will start fundraising for private equity, hedge fund and other alternative investment vehicles.
The Australian toll road operator has again said no to a takeover bid from CPPIB, OTPP and CP2 on the basis that their A$7.2bn offer was too low. The rejection raises the possibility that the bidders – which hold 40% of Transurban – will now choose to sell their stakes and exit the company quickly.
The overground and underground rail public-private partnership (PPP) is scheduled to be operational in 2016. The EIB’s proposed loan would account for 8% of the total financing for the €6bn project.
The UK’s biggest university campus developer, UPP, is set to be split into different vehicles by owner Barclays and partially sold in a process that could raise up to £800m for forthcoming projects. The division could attract institutional investors and property developers for the different parts of UPP’s business.
The Australian toll road operator has picked up the distressed road for A$630m – almost A$1bn less than the original consortium paid for it three years ago. Canadian pensions CPPIB and OTPP, which are bidding for Transurban, are reportedly angry with the purchase as they plan to meet with Transurban today to discuss a revised takeover bid.
Abu Dhabi’s sovereign wealth fund has spent some A$225m to acquire 8.6 percent of Intoll, a spin-off from Macquarie Infrastructure Group. In becoming its third-largest shareholder, ADIA has prompted speculation that it may take over the roads vehicle.
Confirming an earlier report, a source says Global Infrastructure Partners is gearing up to start fundraising for its second infrastructure fund. The new vehicle is reportedly aiming for between $5bn and $6bn.
Public entity Transport for London has bought Bechtel and Amey, a Ferrovial subsidiary, out of Tube Lines – the private sector consortium tasked with upgrading London’s underground rail – for £310m. Mayor Boris Johnson is happy to be free ‘from the perverse pressures of the Byzantine PPP structure’.
Sir Adrian Montague has been appointed as the new chairman of listed UK investment group 3i, replacing Baroness Hogg. Montague has extensive experience of infrastructure.
The Italian infrastructure investor is suing Citigroup over the failed placement of an infrastructure fund in 2007. It is said to be looking for €100m in damages, according to the local media. Citi denies any wrongdoing and says it will 'vigorously defend' itself.
The Spanish infrastructure group said in its first-quarter results that the sale of subsidiary Cintra’s Chilean road concessions could be delayed by several months from its May 31 closing date following damage caused by the recent earthquake.