Bruno Alves
Government guarantees, a €1.5bn European infrastructure fund and the overarching presence of the European Investment Bank marked Europe’s infrastructure-friendly response to the crisis.
The Dallas Police and Fire Pension System’s successful partnership with Cintra on the $2bn North Tarrant Expressway project set a precedent for LPs’ direct infrastructure investment in the US market. Could it be the start of a new trend?
Midway’s failed $2.5bn lease showed that a major US airport can indeed be privatised. To resurrect the deal in a politically viable way, Chicago will need a bid that matches or tops that price, and in 2009, at least, few saw that as a possibility.
As infrastructure emerges as a distinct asset class, investors want lower fees than the ‘2 and 20’ model prevalent in private equity.
InfrastructureInvestor looks back at 10 of the top infrastructure bankers operating in 2009. Chances are that in 2010 some of these financiers will lend their balance sheet to getting your next infrastructure deal done.
DIF has acquired 50% of Amey’s portfolio of 10 PFI projects while the Innisfree PFI Secondary Fund has scooped Kier’s 50% interest in two schools projects.
A Sydney toll road refinancing has taken Transurban’s total refinancing this year to €1.5bn. Six banks provided debt.
The Aberdeen bypass is set to be funded via a public-private partnership with a contractor to be selected in 2010-11. But the project may face an uphill political struggle before it starts procurement.
The private equity firm has closed its fund at $150m, reaching its original target size. The fund will target infrastructure projects in Central America, Mexico, Colombia and the Dominican Republic.
Macquarie International Infrastructure fund has netted just over $50m from the stake sale. Its portfolio is now mostly made up of direct investments in Asia.