3i Infrastructure, the listed UK infrastructure investment vehicle, achieved portfolio income generation of £69.3 million (€78.0 million; $113.9 million) in the year to March 2011, which allowed the firm to meet its dividend objective and was more than double the income generated in the prior year.
In a statement, the firm pointed to “renewed momentum” in investment activity, with £187.5 million invested and four new assets added to the portfolio during the period. Among these were Eversholt, the UK rolling stock leasing company (ROSCO) which was acquired in a £2.1 billion deal alongside Morgan Stanley Infrastructure Partners and Star Capital Partners in November 2010.
The firm delivered a total return to investors of £85.5 million for the year (or 9.2 percent on shareholder equity). Underlying equity investments delivered 1.4 percent growth in EBITDA compared with the prior year. Since inception, the firm has posted a 19 percent annualised asset internal rate of return (IRR).
3i Infrastructure listed on the London Stock Exchange in March 2007, raising £703 million in an initial public offering. It then raised an additional £115 million through a placing and open offer in July 2008. At March 2011, it had 17 portfolio assets valued at £822 million and net assets of £996 million.
3i Infrastructure is a wholly owned subsidiary of 3i Group, the London-based international investor in private equity, infrastructure and debt management.