3i Group plc has announced that it has agreed to acquire a portfolio of assets from the EISER Global Infrastructure Fund, including Belfast City Airport and East Surrey Pipelines.

BCA is the airport closest to the centre of Northern Ireland’s capital and served 2.7 million passengers in 2015. ESP is the second largest independent gas transporter and the third largest independent electricity network operator in the UK. The portfolio also includes a stake in Herambiente, an Italian waste treatment and disposal company, as well as stakes in four concession companies in Spain, namely:

Two operating shadow toll roads: Autovía Noroeste motorway project in Murcia and Autovía del Turia motorway concession in Comunidad Valenciana.

And two operating Madrid bus terminal interchanges: Plaza Elíptica transport hub in Madrid and Moncloa transport hub in Madrid.

A new vehicle managed by 3i will have commitments of c. £700 million available to fund the initial acquisition and to provide capital for a number of significant follow-on investments across the portfolio. 3i will invest c. £36 million in the new vehicle alongside pension fund investors APG and ATP.

The agreement entered into by 3i provides for existing investors in the EISER Fund to be offered an opportunity to participate in the new vehicle, so that they have the option to remain invested in the portfolio of assets or to realise liquidity from the portfolio transaction as the EISER Fund nears the end of its fund life.

This transaction extends 3i’s infrastructure activities and further demonstrates 3i’s ability to structure and execute complex infrastructure transactions for leading institutional investors.

Completion of the transaction is subject to certain conditions, including approval from the European Commission under the EU Merger Regulation.