The two firms are at odds on how to service debt for French toll road APRR, which they jointly own through vehicle Eiffarie. Eiffage wants to inject €80m in equity in the vehicle, through a capital increase, in order to preserve its credit rating. But Macquarie has so far not agreed to this solution.
Poul Nyrup Rasmussen, head of the Party of European Socialists, exclusively told sister magazine PEI why he thinks private equity, real estate and infrastructure funds need bringing to heel.
The UK infrastructure group has been named preferred bidder for a £250m PPP to install and maintain some 33,000 street lights in Coventry, in the Midlands. The project is Balfour Beatty’s fourth street lighting contract in the UK.
The Spanish owner of BAA saw its case against the forced sale of more UK airports strengthened yesterday by a court decision that effectively allows it to keep all its UK airports for the foreseeable future. The UK regulator which recommended BAA’s breakup will appeal the decision to another court but could be forced to again review BAA’s position in the market.
Transparency around investing in essential public assets shouldn’t just be a talking point, as evidenced by two recent transactions whose public relations were handled very differently.
Saffron Asset Advisors, the Mumbai-based real estate investment management firm is to halt plans for three sector specific India funds in order to concentrate its efforts on its existing portfolio.
EUROFIDEME 2, a greenfield fund sponsored by Natixis Evironnement & Infrastructures, has reached financial close for France’s biggest solar project. Caisse d’Epargne Provence-Alpes-Corse and Société Générale provided €90m in debt to help close the deal.
HSBC has started the sale of its UK rolling stock leasing company, for which it is seeking around £2bn. JP Morgan, Macquarie and UK-based investment firm Star Capital are all said to be interested in the sale. Teasers are already out with expressions of interest expected in late March.
Major changes in the fundraising industry continue with Evercore’s purchase of an eight-person private placement team from the former Lehman division. The Evercore Private Funds Group will place infrastructure, real estate, buyouts and other alternative strategies.
Global Infrastructure Partners’ Michael McGhee said at a conference yesterday that the fund was planning to issue bonds later this year to refinance a short-term loan it took out when it bought Gatwick airport for £1.51bn last year. The issue would be done in Gatwick’s name, not GIP’s.
New South Wales has scrapped a A$5.3 billion contract to build a metro link in Sydney, part of which was being procured as a PPP. The project is the second Australian PPP to collapse this year - following Lane Cove Tunnel - and the country’s fourth PPP to fall over the last decade.
Aviva, the world’s fifth-largest insurer, has joined the likes of AXA and Allianz in backing an infrastructure fund, through its partnership with Hadrian’s Wall Capital. The team plans to launch an infrastructure debt fund that could reach one billion, split equally between pounds and euros.
Hochtief’s board of directors has approved the Hochtief Pension Trust’s decision to sell its three percent stake in the German company, worth just over €100m at yesterday’s share price.
The fund and its toll road vehicle, Itinere, are analysing several opportunities in the US, Australia and other OECD countries with a view to making a toll road investment this year.
Citadel Capital, the Cairo-based private equity firm, has become a significant shareholder in Rift Valley Railways, which holds a concession to run a railway line between Kenya and Uganda. Citadel says it will seek to invest more than $150m in Kenya Uganda Railways over the next five years.