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Exits
Selling today means giving up the potential for future income and value growth. But a partial divestment offers access to liquidity and the ability to demonstrate value creation, without the pitfalls of a full exit or raising debt, says RealPort CIO Jon Boles
University of Wollongong exercises right to buy back accommodation units early, resulting in its withdrawal from the process and prompting asset manager to reconsider the portfolio sale.
The European renewables manager’s final asset sale this week realises a fund launched during the collapse of Lehman Brothers.
The firm agreed the sale of Portuguese toll road operator to APG, NPS and Swiss Life last week, the final asset of its €2.2bn first fund.
The sale of Tramlink in the UK to Aberdeen Standard represents the final sale of the €170m 2008-vintage fund, which secured a 15% gross return.
Once fundraising kicks off, CGN’s private equity arm and the infra-focused investment firm will look to divest the portfolio of their first renewables vehicle, the 2015-vintage CGN Capital Partners Infrastructure Fund III.
The airport is jointly held by its MEIF1 and MEIF3 funds alongside the Belgian government and OTPP, with the latter believed not to be among the bidders.
The sale of Indigo Pipelines is the first exit from Scottish Equity Partners’ Environmental Capital Fund, which raised $176m in 2014, targeting a 14% IRR.
Lincoln Clean Energy is the first of the 15 portfolio companies to be fully exited by the vehicle, which is currently generating a 18.2% net IRR.
China Southern Power Grid International will be the second-largest shareholder in Encevo after acquiring the French fund manager’s 25.5% stake.
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