ACS' takeover of Hochtief has boosted its sales by 26.5% and doubled its international activities, which now account for 52.5% of its total sales. The firm has also announced that it will sell its stake in Florida’s €1.2bn I-595 highway.
Giles Frost, a director at listed infrastructure fund INPP, has said the investment community has been slow to pick up on the strong performance of listed infrastructure, both against stock market benchmarks and unlisted infrastructure. INPP announced its interim six-month results today.
John Laing Infrastructure Fund (JLIF) has delivered half-yearly interim results described as “very encouraging” by investment bank JPMorgan Cazenove. The fund, which raised £270m towards the end of last year, saw portfolio value increase by 7.1% over the reporting period.
Southeastern Asset Management, which played a prominent role in ACS’ takeover of Hochtief earlier this year, has acquired an additional 2% of Ferrovial, making it the company’s second-largest shareholder.
The country’s Privatisation Administration is looking for a private partner to operate and maintain some 2,000km of roads – including Istanbul’s two suspension bridges, which are said to comprise up to 80% of the deal’s total value. Interested bidders will have to post a $200m bond to participate.
The 30-year concession contract will require the private party to build a 49km stretch of the A66 highway, with the winner to be remunerated via availability payments.
Managers raising Euro-denominated infrastructure funds are anxious about prospects in the aftermath of the Eurozone’s dramatic summer.
Managers raising Euro-denominated infrastructure funds are anxious about prospects in the aftermath of the Eurozone’s dramatic summer.
The infrastructure investor, together with Finnish firms Destia and YIT, are entering negotiations with the Finnish Transport Agency with a view to signing a 15-year concession contract in November.
Pátria Investimentos, the Brazilian fund manager 40% owned by The Blackstone Group, has closed its second infrastructure fund just short of $1.2bn, beating a $1bn target. The fund is jointly sponsored by Pátria and Promon, a Brazilian engineering consulting firm.
Drawing on an existing partnership, Dutch fund manager DIF and GreenYellow, a French renewable energy developer, have added a further four French solar photovoltaic projects to the nine that they already jointly owned.
Isolux Corsán chairman Luis Delso met with Brazilian president Dilma Rousseff to discuss Isolux’s plans to list its recently formed worldwide concessions unit on the Brazilian Stock Exchange. The business has a capital expenditure of €7.5bn for all the projects in which it is currently involved.
The projects team at London-based international law firm Stephenson Harwood has been bolstered by the hiring of six professionals from rival UK firm Eversheds. Among the six are two partners, including Eversheds’ former head of projects in London.
The Merseyside Pension Fund, ‘the fifth-largest local authority pension fund in the UK’, has made the commitment as part of its growing infrastructure portfolio. The pension has about £60m invested in the asset class, but wants to raise its total infrastructure portfolio to £100m.
Aviva Investors, the London-based asset management division of the insurance and pension provider, has announced the first closing of a European renewable energy fund in partnership with SachsenFonds, the Munich-based asset management company.