Zak Bentley
The firm closed its main infrastructure vehicle €150m above its target and hit a first close on its co-investment programme.
The increase to a 31.4% ownership is the fourth time in less than a year the Canadian pension fund has boosted its share in the company.
Evolution II’s maiden deal comes ahead of an expected $250m final close September this year.
The new offer, alongside three Danish pension funds, has been approved days after a first attempt was deemed ‘not in the best interest’ of shareholders.
The deal is the sixth investment for GIO II, ending Macquarie’s almost 10-year interest in the French oil storage company.
The telecoms group dismisses offer as ‘not in the best interest’ of shareholders, but the consortium argues its proposal ‘represents excellent value’.
The transport and renewables acquisitions are being made through the manager’s record-breaking $15.8bn third infrastructure fund.
The Brookfield-owned platform is set to significantly boost its European presence, where it currently owns just 11MW in the UK, with its offer for the ACS/GIP renewables vehicle. The offer will be funded via a $400 million equity offering, which Brookfield has agreed to backstop, as well as $800 million of liquidity.
The investment from the firm's $15.8bn third fund comes days before a scheduled listing for Italo.
Italy’s second-largest solar owner has 332MW under management, although a bid from the largest – Enel and F2i – is now thought to be unlikely. RTR is Terra Firma’s last remaining infrastructure asset after it sold a US-based wind portfolio to BlackRock’s Global Renewable Power Fund II in December.