Tag Archives: infrastructure

EDF Invest to invest in Q-Park alongside KKR Infrastructure

 EDF Invest
17, July 2017 EDF Invest to invest in Q-Park alongside KKR Infrastructure.
EDF Invest announces that it is investing alongside KKR Infrastructure in the Dutch car-park operator Q-Park NV.
Q-Park is one of Europe’s leading parking services providers, with more than 870,000 parking spaces in over
6,300 secure, clean, and well -managed parking facilities across ten Northwest European countries.
The company employs over 2,100 full-time employees and delivers efficient mobility services to its customers
through the use of increasingly smarter solutions and systems. EDF Invest’s Managing Director, Guillaume d’Engremont said: “Q-Park stands out by the quality of its car parks and the breadth of its portfolio in Europe. We are pleased to join KKR Infrastructure in this acquisition which will ideally complement our core infrastructure portfolio”.
EDF Invest will be involved in the governance with a seat at the Supervisory Board of Q-Park NV.
Closing is expected to occur in the second semester.
About EDF Invest
EDF Invest is the unlisted investment arm of EDF’s Dedicated Assets, the asset portfolio which covers its long-term
nuclear decommissioning commitments in France. EDF Invest manages a portfolio of over €5bn equity investments
through three asset classes: infrastructure, real estate and private equity.
The existing infrastructure portfolio includes stakes in RTE (the French electricity transmission company), Géosel
(an oil storage company based in Manosque), Thyssengas (the third largest gas transport company in Germany),
Aéroports de la Côte d’Azur (the second largest French airport operator, in joint control with Atlantia), TIGF (a gas
transport and storage company operating in the South – West of France), Madrileña Red de Gas (the operator of the
main gas distribution network in the region of Madrid) and Porterbrook (one of the three main rolling stock owning
companies in the UK). It will also be complemented by a stake in Autostrade per l’Italia (which operates 50% of
Italy’s toll motorway network) when the transaction closes in the second semester.

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DIF announces the sale of the DIF Infrastructure II portfolio to APG

DIF

DIF announces the sale of the DIF Infrastructure II portfolio to APG

13 July 2017 – DIF is pleased to announce that it has signed an agreement to sell the entire portfolio of assets held by its 2008-vintage DIF Infrastructure II fund (“DIF II” or “Fund”) to APG Asset Management N.V., acting on behalf of pension fund ABP (“APG”). The transaction comprises 48 PPP / PFI and renewable energy assets across Continental Europe and the UK.

DIF II was launched in October 2008 with a 10-year life to invest in infrastructure projects that offer long-term stable cash flows and an attractive return. The Fund reached a final closing in July 2010, with €572 million of committed capital and made 58 investments; of which 10 investments have already been realized. The remaining portfolio includes investments in hospitals, schools, government accommodation, roads, solar and wind projects.

With the end of the Fund’s term in 2018, DIF considered the potential alternatives for realising the portfolio and ultimately concluded that value would be maximised by launching a process for the sale of the portfolio as a whole or in parts, if preferred by bidders. The bidding process also enabled institutional investors to bid for a share in the portfolio and to elect for an optional agreement with DIF to continue to manage the portfolio. This transaction structure also allowed DIF Infrastructure III (“DIF III”) to sell its cross-shareholdings in 12 of the portfolio assets. DIF mandated Campbell Lutyens and Loyens & Loeff as financial and legal advisors, respectively.

Following a competitive bidding process, APG was selected as the preferred bidder for the acquisition of the whole portfolio of DIF II and the cross-shareholdings of DIF III. As part of its bid, APG requested DIF to continue to manage the portfolio through a new investment vehicle, with a term of 25 years.

Wim Blaasse, Managing Partner of DIF said: “We are very pleased to have agreed this transaction with APG. It generates an excellent result for the DIF II investors, well above the Fund’s target return at inception, and will allow the Fund to be fully realised within its contractual life. The successful exit is a strong endorsement of DIF’s strategy and approach, as well as the commitment of the DIF team”

Immanuel Rubin, Partner at Campbell Lutyens said: “This is one of the largest infrastructure portfolio transactions in over five years, following a trend of high-quality managers using portfolio transactions to successfully exit their holdings.”

The transaction, which is subject to EC anti-trust approval, is expected to close in Q3 2017.

About DIF

DIF is an independent and specialist fund management company, managing funds of approximately €4.2 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.

The majority of DIF’s funds target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australasia.

DIF CIF I targets small to mid-sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid-term with highly rated entities. The fund targets both greenfield and operational projects in Europe, North America and Australasia.

DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

About APG Asset Management N.V.

APG Group (“APG”) carries out collective pension schemes for participants in a broad range of sectors including in education, government, energy and utility companies, construction sectors and housing corporations. APG manages pension assets of in total €452 billion (May 2017) on behalf of pension funds for these sectors. APG works for over 40,000 employers and provides for the income of around 4.5 million participants. APG administers over 30% of all collective pension schemes in the Netherlands and has offices in Heerlen, Amsterdam, New York and Hong Kong.

On behalf of its clients (all of which are Dutch pension funds) APG Asset Management N.V. – a 100% subsidiary of APG Group – and its predecessors have been an active infrastructure investor since 2004, investing in excess of €10 billion to date, both through infrastructure funds as well as co-investments and direct investments with a long term investment horizon. The current portfolio encompasses almost 50 investments.

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Ardian Infrastructure becomes largest shareholder in SPMR after acquiring stakes from Total and BPTOTAL AND BP

Ardian

Ardian Infrastructure becomes largest shareholder in SPMR after acquiring stakes from Total and BPTOTAL AND BP

Paris, July 3rd 2017 –
Ardian, the independent private investment company,
today announces that it has closed the acquisition of a 44% stake in SPMR (“Société du Pipeline Méditerranée Rhône”), the refined oil pipeline network company, from Total and BP.

Following the transaction, Ardian will be the largest shareholder in SPMR alongside Trapil, Esso, Eni, PetroFrance and Thevenin & Ducrot, who all remain invested in the company.

SPMR owns and operates a pipeline network of strategic interest, which connects the Fos-Lavera oil facilities in southeastern France with the Lyon area, Northern French Alps, Switzerland and the main
French Riviera oil depots. The network is 760km long and transports around 9.5Mm3 of products per year.

This acqisition will further enhance Ardian Infrastructure’s energy portfolio, which already contains cornerstone investments in Géosel and CLH, two of the largest hydrocarbon storage and pipeline operators in Europe.

Mathias Burghardt, Head of Ardian Infrastructure, said: “This new investment in a strategic asset in France reinforces Ardian’s foothold in the European energy logistic sector and strengthens our relationships with major oil companies.”

Amir Sharifi, Director of Ardian Infrastructure added: “As a responsibly-minded investor in infrastructure, we value SPMR’s long-term operational excellence. Upholding these standards will be a key focus of our strategy for the assets.” Pipeline transportation of refined products is the safest and most economical means of transporting oil products in the region.

ABOUT ARDIAN

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$62bn managed or advised in Europe, North America and Asia. The company, which is majority- owned by its employees, keeps entrepreneurship at its heart and delivers
investment performance to its global investors while
fuelling growth in economies across the world.
Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship. Ardian maintains a truly global network, with more than 450 employees working through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 580 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America, Ardian Expansion,
Ardian Growh and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

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EQT Infrastructure to acquire majority interest in Global Gateway South terminal in Port of Los Angeles

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  • EQT Infrastructure to acquire a majority interest in Global Gateway South, a leading container terminal in the Port of Los Angeles operating under a long-term concession
  • EQT Infrastructure will partner with P5 Infrastructure to transform Global Gateway South into a global leader in trade infrastructure
  • Seller CMA CGM, the world’s third largest shipping line and the largest on the Asia-US trade route, will retain 10% ownership and sign a long-term utilization agreement with the terminal

The EQT Infrastructure III fund (“EQT Infrastructure” or “the fund”) has signed a definitive agreement to acquire 90% of Global Gateway South (“GGS” or “the company”), a leading terminal in the North American Port of Los Angeles, with an enterprise value of USD 875 million. EQT Infrastructure has partnered with port operating firm P5 Infrastructure (“P5”) to develop a value creation plan aimed at transforming GGS into a world class operation. Current owner, CMA CGM, will retain a 10% ownership stake in GGS and has entered into a long-term contract as the largest customer of the terminal.

The Port of Los Angeles, together with the Port of Long Beach, form the largest and most important gateway in North America for growing transpacific trade flows. GGS is the third largest terminal in the Ports of Los Angeles and Long Beach in terms of capacity, and operates under a long-term concession that runs through 2043. The terminal provides intermodal container handling services to shipping lines including stevedoring, intermodal/truck services, storage and maintenance, and is on track to handle over one million containers in 2017. GGS benefits from a superior waterfront location and berth depth that enables the terminal to accommodate the latest and future generations of large container ships. These characteristics, together with an ideal layout and superior rail connectivity, position GGS to become one of the most relevant and efficient terminals in North America.

EQT Infrastructure and P5 have developed a plan to transform GGS from an asset operated as a cost center, into a leading North American terminal in terms of capacity and efficiency. The strategy includes significant capital investments in cranes, other handling equipment and technology to increase capacity and efficiency. The growth of the company will be supported by an industrial Board of Directors with significant ports and container shipping expertise.

Lennart Blecher, Head of Real Assets and Deputy Managing Partner at EQT, Investment Advisor to the fund, said: “The acquisition of GGS fits perfectly with EQT Infrastructure’s focused sector approach of targeting high-quality, well-located logistics assets with transformation potential. The combination of P5’s and EQT’s vast industrial expertise will be a great foundation for sustainable value-creation for the terminal. We are also very happy with CMA CGM’s continued support and engagement”.

Farid Salem, Executive Officer of CMA CGM, said: “We are very pleased to partner with EQT Infrastructure. Together we will develop GGS into a world class terminal company. The terminal will remain an important part of our industry leading logistics network, and will have an opportunity to grow alongside CMA CGM. Throughout the sales process, EQT Infrastructure and P5 have focused on growth in addition to a responsible, hands-on ownership approach, which we consider highly beneficial to our future partnership”.

Sean Pierce, CEO of P5 Infrastructure stated, “We look forward to investing alongside EQT Infrastructure and implementing our value creation strategy in order to deliver value for our shareholders, partners and employees”.

The transaction is subject to customary conditions. It is expected to close in the fourth quarter of 2017.

Jefferies LLC acted as sole financial advisor and Allen & Overy LLP acted as legal advisor to EQT Infrastructure.

 

 

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DIF to acquire 55% stake in French fiber project from Infravia

DIF

Paris, 29 June 2017 – DIF Core Infrastructure Fund I (“DIF CIF I”) and Infravia are pleased to announce that they have reached an agreement on the sale of Infravia’s 55% stake in the French fiber company ADTIM.

ADTIM operates a wholesale telecom network in the Ardèche and Drôme departments under a 25-year concession won in 2008, which is fully operational since 2011. In December 2016, ADTIM, together with its partners Axione, Bouygues E&S and Caisse des Dépôts et Consignations, won the Fiber to the Home concession in the region. This second project plans to realize 310,000 FttH connections in association with the public local authority Syndicat mixte ADN as part of France’s 2012 Ultra-Fast Broadband Plan, the nationwide plan to implement ultra-fast internet connections across the country by 2022.

Infravia and DIF CIF I expect to complete the equity transaction in September 2017.

About DIF

DIF is an independent and specialist fund management company, managing funds of approximately €4.2 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.

DIF CIF I targets small to mid sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid term with highly rated entities. The fund targets both greenfield and operational projects in Europe, North America and Australasia.

DIF’s other funds target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australasia.

DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

About Infravia Capital Partners

Infravia Capital Partners is an investment manager dedicated to the infrastructure and energy sectors which manages €1.7 billion of assets across three infrastructure funds. Infravia Capital Partners is positioned as a long-term investor across the infrastructure sectors in Europe including transportation, energy, utilities, social infrastructure as well as communications.

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DIF acquires shadow toll road in Spain

Madrid, 21 June 2017 – DIF Infrastructure IV (“DIF”) is pleased to announce that it has acquired from OHL Concesiones (“OHL”) 45% of the shares in Autovía de Aragon, S.A, a shadow toll road linking the Madrid city center with Barajas airport (“Autovia de Aragon”).

In addition to DIF’s share, OHL will maintain its position as a significant industrial partner in Autovia de Aragon. TYPSA, a leading consulting engineering firm, will retain its 5% share in the company.

Autovia de Aragon is one of the main road accesses to Madrid and one of the alternatives that links the city center and the airport. The road is located in one of the most urbanized and industrial corridors linking Madrid’s urban center with Guadalajara. The 19-year concession started in 2007, (with end date December 2026) and operates the first section of the A-2 Motorway, which is the main connection between the cities of Madrid and Barcelona.

Autovia de Aragon is DIF’s first road investment in Spain following the acquisition of 6 PPP projects in other sectors. Long term financing is in place and provided by EIB, FMSW and ICO (Instituto de Crédito Oficial).

Fernando Moreno, DIF’s head of Spain, said: “DIF is very pleased to establish this long term partnership with OHL and invest in this high quality asset that will provide a strong return and steady cash yield for DIF’s investors”.

DIF was advised by Uría & Menéndez (legal), Garrigues (tax), PWC (model/financial) and Arup (traffic/technical).

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €4.2 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Paul Nash, Partner
Email: p.nash@dif.eu

Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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DIF acquires 125 MW solar project in Australia

Sydney, 30 May 2017 – DIF Infrastructure IV is pleased to announce the acquisition of 100% of the 125 MW Clare Solar PV project from Fotowatio Renewable Ventures (FRV), via a 50 – 50 joint venture with Lighthouse Infrastructure.

Developed by FRV, the Clare Solar Farm is located around 35 km south-west of Ayr in Northern Queensland. The 125MW (DC) photovoltaic solar farm is currently under construction and is scheduled to commence operations in late 2017. The project will create up to 200 jobs during construction and when completed will generate enough electricity to power approximately 42,000 Queensland homes, abating nearly 200,000 tonnes of CO2e emissions annually.

Origin Energy, a major Australian energy company, has entered into a long-term contract to purchase 100% of the electricity output and large-scale renewable energy certificates (LGCs) generated by the project.

Project finance has been provided to the project by NAB and SMBC.

RBC Capital Markets and Société Générale were financial advisers to Lighthouse and DIF in relation to the acquisition and King Wood Mallesons acted as legal adviser.

Marko Kremer, DIF’s Head of Australasia added: “This acquisition represents DIF’s third large scale solar PV project in Australia, and we are delighted to further extend our relationship with FRV following the acquisition of the Royalla Solar Farm in 2016”.

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €3.7 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Christopher Mansfield, Partner, Head of Renewable Energy
Email: c.mansfield@dif.eu

Allard Ruijs, Partner, Head of Investor Relations & Business Development
Email: a.ruijs@dif.eu

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DIF completes the acquisition of Affinity Water

DIF

London, 22 May 2017 – DIF Infrastructure IV is pleased to announce that its consortium, following the announcement made on 2 May 2017, completed the 100% acquisition of the Affinity Water Group on 19 May 2017.

DIF’s share in the consortium is 26.9%, which in addition comprises of Allianz Capital Partners on behalf of Allianz Group (36.6%) and HICL Infrastructure Company Limited (the listed infrastructure investment company advised by InfraRed Capital Partners Limited) (36.6%).

Affinity Water is the United Kingdom’s largest water only supply company by revenue and population served. It is licenced under the Water Industry Act 1991 and regulated by Ofwat, ensuring long term stable income streams. Affinity Water owns and manages the water assets and network in an area of approximately 4,515 km² in the southeast of England, split over three regions, comprising eight separate water resource zones. The company is the sole supplier of drinking water in these areas. Affinity Water supplies, on average, 900 million litres of water a day to over 3.6 million people, serving 1.5 million homes and businesses, together with operating 98 water treatment works.

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €3.7 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Paul Nash, Partner
Email: p.nash@dif.eu

Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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Successful Opening of CSA Energy Infrastructure Switzerland Investment Group

Credit Suisse

Zurich, May 10, 2017

The opening of the CSA Energy Infrastructure Switzerland investment group has attracted a great deal of interest from investors. Thanks to capital commitments amounting to CHF 600 mn, the total volume adds up to around CHF 1.2 bn.

After opening subscriptions for the third time, CSA Energy Infrastructure Switzerland, an investment group of the Credit Suisse Investment Foundation, reached its planned subscription volume of CHF 600 mn. The investment group, which was established in 2014 by the Credit Suisse Investment Foundation and is managed by the investment manager Credit Suisse Energy Infrastructure Partners, was opened to both new and existin investors in recent months. As a result, the total volume now amounts to around CHF1.2 bn. This makes CSA Energy Infrastructure Switzerland the largest infrastructure investment group investing exclusively in Switzerland. The capital committed is largely invested in the two main areas of energy and gas distribution as well as hydropower.

Following the latest opening, over 130 Swiss pension funds now invest in the investment group. The success of the investment concept is underlined by the fact that the target volume was heavily oversubscribed. Credit Suisse expects there to be further openings in the future.

The CSA Energy Infrastructure Switzerland investment group has an unlimited duration, which is ideal given the long-term investment period required for energy infrastructure installations. Investments focus on supply-critical energy infrastructure facilities. The investment group invests exclusively in Switzerland, witht least 75% of the portfolio being invested in existing facilities. Investments in new project developments account for no more than 25% of the investment portfolio.

Further information at www.credit-suisse.com/cseipInformation

Media Relations, telephone +41 844 33 88 44, media.relations@credit-suisse.com

 

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred tohere as “Credit Suisse”). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 46640 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit -suisse.com.

 

Credit Suisse Asset Management (Switzerland) Ltd.

Credit Suisse Asset Management is a multi-specialist manager with more than CHF 322 bn of assets under management operating within the International Wealth Management division of Credit Suisse. Backed by the institutional quality governance, stability and opportunity of Credit Suisse’s worldwide franchise, we deliver distinct product expertise through active and passive solutions in both traditional and alternative investments.

Credit Suisse Energy Infrastructure Partners AG

Credit Suisse Energy Infrastructure Partners AG is an investment boutique within Credit Suisse AG’s Asset Management, and acts as the investment manager for the CSA Energy Infrastructure Switzerland investment group, among others. It specializes in infrastructure investments in the European energy sector. Its clients include primarily large and medium-sized pension funds and insurance companies seeking long-term investments in this asset class.

 

CSA Energy Infrastructure Switzerland is an investment group of the Credit Suisse Investment Foundation (CSA), and invests in Swiss energy infrastructure. The focus is on investments in the capital-intensive area of existing Swiss energy infrastructure. Furthermore, it is

involved in new-build projects that have received the necessary permissions. CSA Energy Infrastructure Switzerland invests primarily in non-listed equity holdings. The investment group is only open to pension funds domiciled in Switzerland.

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Allianz , EDF Invest and DIF to acquire 5% in Autostrade per l’Italia

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The Board of Directors of Atlantia, the listed global operator of motorway and airport infrastructure, has accepted a binding offer by Allianz, EDF Invest and DIF to acquire a 5 percent stake in Autostrade per l’Italia, the largest Italian toll road network. The transaction is subject to signing of final contracts over the next days and fulfilment of the conditions precedent therein.

Autostrade per l’Italia is the largest toll motorway concession asset in Europe representing more than 50 percent of Italy’s toll motorway network and 61 percent of kilometers travelled. Autostrade per l’Italia Group’s network of around 3,000 km stretches across 16 Italian regions comprising 21 toll motorways, covering essential transport links mainly in the Northern part of Italy around the major economic urban areas as well as the two principal north-south routes, the A1 Milan-Naples and the A14 Bologna-Taranto.

The consortium is comprised of long-term infrastructure investors Allianz Capital Partners on behalf of the Allianz Group (74%), EDF Invest (20%) and DIF (6%) and it will also have a call option on a further 2.5% interest in Autostrade per l’Italia.
“By investing in a prime core infrastructure in the European toll road sector we will further diversify our infrastructure portfolio across sectors and regions”, said Christian Fingerle, Chief Investment Officer, at Allianz Capital Partners. “We are very pleased to set up a new partnership amongst Allianz and Atlantia as leading international infrastructure operator and to work with them and other investors on the success of this company.”

EDF Invest’s Managing Director, Guillaume d’Engremont said: “ASPI stands out by the quality of its installations as well as its management. Besides, the network has potential for expansion through projects which are essential for the country. Our stake in ASPI will ideally complement our core infrastructure portfolio. We are very pleased to further strengthen our relationship with Atlantia, following our joint investment in Aéroports de la Côte d’Azur last year.”
Wim Blaasse, Managing Partner of DIF, said: ”DIF is very pleased to establish this long term relationship with Atlantia and to invest in this high quality and diversified operating toll road network, which is a very good complement to DIF’s infrastructure portfolio”.
The closing of the transaction is expected to occur by the end of July.
April 28, 2017

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