The pool of assets comprises both operational and greenfield projects in the fields of health, transport and security. It has a total value of €700 million.
Specifically, the portfolio includes three hospitals (two in Milan and one in Florence), a shuttle train service connecting Pisa Airport to Pisa Centrale station, a tri-generation energy centre serving Careggi University Hospital in Florence and Bolzano prison, the first Italian PPP prison due to start construction later this year.
“This transaction provides Infracapital with a high-quality platform of PPP projects in Italy, a country which has successfully embraced the PPP model and offers numerous opportunities in the social infrastructure space,” said Andy Matthews, greenfield director at Infracapital.
The move comes little more than a year after Infracapital launched its greenfield unit, naming ex-3i partner Matthews at its helm. The firm then launched a £1 billion ($1.4 billion; €1.3 billion) dedicated fund last February.
Infracapital last October established a UK-focused bioenergy platform alongside Helios UK BIG, Aurium Capital Markets and the Foresight Group. It pledged £160 million to the venture, with Helios committing £30 million.
The firm had previously invested £20 million in Gigaclear, a company bringing faster broadband connectivity to the UK’s rural areas, on behalf of parent group Prudential. It injected another £24 million in the business alongside Woodford Investment Management last month.