The global financial crisis has encouraged a new appreciation of infrastructure’s long-term characteristics – at the same time as priorities have shifted to the short term
‘The strong credit quality of the asset class and resilient contractual structures’ has helped European public-private partnerships withstand the financial crisis well. But deteriorating public finances, ongoing austerity and a constrained bank market pose risks for the industry.
According to a new study from RBS, demand for infrastructure spending in emerging markets will be $19trn over the next 20 years, compared with the $7trn that has been spent over the last 20 years. At $10.5trn, China alone is forecast to account for 55% of this requirement.
Together with UK-based NATS, the Spanish developer will provide air traffic control services at 10 Spanish airports. Local private air traffic control company Saerco was awarded the contract for three other Spanish airport control towers.
The global financial crisis has encouraged a new appreciation of infrastructure’s long-term characteristics – at the same time as priorities have shifted to the short term.
The Australian airport owner and the Canadian pension plan are on course to complete their planned asset swap within the next two weeks, according to a statement released today. The swap will result in MAp having a sole focus on Sydney Airport.
The French fund manager is due to raise €1 billion by the end of November, with a further big-ticket commitment expected before the year is out. The potential sale of AXA Private Equity, expected to be concluded in November, might cause some delays to fundraising though.
The proceeds from the new fundraising will be used to buy nine operational PPP projects from John Laing, increase a stake in an existing project, and reduce the fund’s debt. The fund is also in negotiations to acquire a ‘small portfolio of third-party social infrastructure assets’.
The Transmission Capital Partners consortium, which includes London-listed investor INPP, has announced financial close on the £36.5m Barrow offshore transmission project. It’s the third transaction of its type that the consortium has closed so far this year.
The investment adviser – which focuses on private equity, real estate and infrastructure – has lured two new recruits, as well as promoting Joseph Chang to head up its Hong Kong office.
The UK renewable energy investor has announced the final close of its New Energy Investors II fund, within its target range of €300m to €400m. The firm’s second private equity fund is seeking to identify opportunities in renewable power generation.
About 80% of shareholders in ConnectEast, which operates Melbourne’s EastLink toll road, have said ‘yes’ to CP2’s offer. The latter has raised A$1.4bn from Korea's National Pension Service, the UK’s Universities Superannuation Scheme, and Holland's APG to help fund its bid.
John Laing Infrastructure Fund has spent close to £23m to acquire a 50% stake in a Scottish hospital PFI from the Commonwealth Bank of Australia. The fund has also extended a revolving credit facility with Royal Bank of Scotland by £35m.
Nine members of the Association of Southeast Asian Nations have contributed $335m to a fund that will finance major infrastructure projects in the region. The Asian Development Bank is committing $150m to the vehicle.
Spanish developer ACS has sold 50% of Tunel San Cristobal and 46.5% of Vespucio Norte to the Toronto-based investor. The developer is also looking for buyers for its 100% stake in Florida’s €1.2bn I-595 highway.