The UK government is said to be planning the creation of a state-backed investment bank targeting infrastructure projects with cheaper capital and small businesses. Germany’s KfW could serve as the model for the bank, which could be announced in this year’s budget.
French rail agency RFF and a VINCI/AXA Private Equity-led consortium have finally reached financial close on the €1bn GSM-R rail communications PPP, after several months of delays. The deal is France’s first rail PPP but is unlikely to serve as a template for the other high-speed rail deals being managed by RFF.
Why financing structures rather than toll roads are the enemy of sensible infrastructure investing.
The long-running sale of ACS’ ports division – which had revenues of €114m in 2008 – appears to be nearing its conclusion.
Why financing structures rather than toll roads are the enemy of sensible infrastructure investing.
The toll road operator says it has placed an expression of interest for Sydney’s A$1.6bn Lane Cove Tunnel, which was placed in receivership last month after its sponsor failed to pay interest on A$1.16 billion of outstanding debt.
The global real estate and infrastructure firm has purchased a 2.9 million square foot portfolio, 60 percent of which is to be leased back by JPMorgan Chase.
The property group has mandated HSBC Mexico to act as fiduciary and help raise a $256m industrial fund focusing on investments in logistics platforms across Mexico City, Guadalajara and Monterrey. The new vehicle will target returns of between 13% and 16% and is expected to be fully invested in four years’ time.
The European Bank for Reconstruction and Development is waiting for final approval to lend €100m to the sponsors of Pulkovo airport – Russia’s first airport PPP, in St. Petersburg. Russian bank VTB is seeking commercial banks to participate in the project alongside other multilaterals.
Belgian transmission operator Elia is in talks with Australia’s Industry Funds Management regarding a joint bid for Vattenfall’s German grid. The consortium is reportedly considering bidding around €800m for the asset. Vattenfall reopened the auction for its grid in November after exclusive talks with a Goldman Sachs/Allianz/RREEF consortium broke down over price.
Although bank financing is beginning to pick up, debt availability is still well beneath pre-crisis levels, creating a clear opportunity for debt fund managers to fill the void.
Having invested more than 80% of the capital from its debut vehicle, the New Delhi-based private equity real estate firm has hit the fundraising trail for a follow-up.
Polish open pension schemes ended up being the biggest subscribers to the government’s share offer for 16% of Enea – Poland’s third-largest power group. The government intends to sell the remaining 51% it owns in Enea later this year for a control premium. RWE was in negotiations late last year to buy 67% of Enea but the sale fell through over price disagreements.
After several delays, France’s €1bn GSM-R rail communication PPP is set to reach financial close next week with between eight to ten commercial banks. The latest issue holding banks from writing the final cheque has been the need to get assurances regarding the status of the 15-year contract should rail agency RFF – a public company – be privatised in the future.
SunRay Renewable Energy, a Maltese solar power plant developer, is to be bought by Nasdaq-listed SunPower in a deal expected to close in the first half of this year. European solar firms such as SunRay have been assisted by a favourable regulatory backdrop.