Magnus Christensson has left placement agent Atlantic-Pacific after nearly eight years to help build Jefferies’ global placement business.
Nicolas Merigo, formerly the head of Santander Infrastructure Capital, has been appointed chief executive of Marguerite Adviser, the advisory body that will be responsible for originating investments for the EU’s €1.5 billion Marguerite infrastructure fund. The fund is expected to reach a first close on March 3 2010.
Consortia led by Bouygues, Eiffage and VINCI have submitted initial offers for the construction of France’s ‘Pentagon’ – a €600m building in Paris which aims to concentrate all of the nation’s top military officials. A second round of bidding is scheduled for July 1 2010.
A subsidiary of Spanish construction company FCC together with Egyptian firm Orascom Construction have reached financial close for the pathfinder PPP – the €360m New Cairo wastewater treatment facility. Four regional banks provided debt for the project.
The Abu Dhabi Investment Authority has bought a 15% stake in London’s Gatwick airport. The deal is part of Global Infrastructure Partners’ plan to syndicate equity after it purchased Gatwick. The sale of a 12% stake to South Korea’s National Pension Service, announced earlier this week, is also part of the same syndication.
Boris Johnson, London’s Mayor, has strongly criticised the PPP contract to upgrade the London underground, calling contractors Ferrovial and Bechtel 'a bunch of rogue builders' and describing the PPP contract as 'larceny'. Tube Lines responds and urges Mayor to "stop playing games".
Ben Velazquez has joined Commerzbank to become head of its North American infrastructure financing business. He was previously at Standard Chartered Bank and has over 15 years of experience in the market.
The National Pension Service is planning to buy a 12% stake in London’s Gatwick Airport from Global Infrastructure Partners.
South Korea's National Pension Service will buy a 12% stake in London’s Gatwick Airport from Global Infrastructure Partners for £100m. The UK's price correction makes property in the country a 'good buying opportunity'.
The National Pension Service is planning to buy a 12% stake in London’s Gatwick Airport from Global Infrastructure Partners for £100m. The move is part of the pension’s aim of quadrupling its international exposure as it expands its portfolio from $240bn to $400bn by 2014.
Alinda Infrastructure Fund II has reached final close at $4bn, exceeding its cover amount by $1bn while falling $1bn shy of its $5bn cap.
HgCapital Renewable Power Partners has announced the acquisition of two Spanish solar projects and an onshore wind project in the UK. The new deals take the fund’s capital value past the €1bn mark and make 2009 its most active year since closing in late 2006. Its portfolio now comprises 19 projects with a 325-megawatt capacity.
Alinda Infrastructure Fund II has reached final close at $4bn, exceeding its cover amount by $1bn while falling $1bn shy of its $5bn cap. The fund received first-time commitments from CalPERS’ newly created infrastructure allocation and from the Oregon Public Employees Retirement Fund totalling $500m.
Infrastructure investors find themselves in a healthy position looking forward. But the mistakes of the past mean a healthy debate about fund economics is necessary.
The Canadian construction and engineering group has formed a joint venture with Russian development bank Vnesheconombank. SNC Lavalin will provide technical assistance and budget audits on infrastructure projects being financed by the development bank.