The Irish Infrastructure Fund has acquired a 100 per cent stake in Towercom, Ireland's largest independent wireless telecoms infrastructure company, from a consortium of investors including clients of Goodbody.

Towercom controls over 400 masts in key strategic locations in the Republic of Ireland, and counts all of the major telecoms operators in Ireland among its customers.

The Irish Infrastructure Fund was established by Irish Life Investment Managers (ILIM) in 2011 to invest in Irish assets including those designated for disposal by the Irish Government and Irish commercial State enterprises, and also in new infrastructure projects in Ireland.

This is the second investment completed by the Irish Infrastructure Fund, which acquired a controlling stake in a portfolio of wind farms from Viridian Group in 2012. The Fund, managed by AMP Capital, is seeking up to €1 billion from global and Irish institutional investors and has already secured key investments from the National Pensions Reserve Fund (NPRF) and other Irish institutional investors.

AMP Capital Head of Infrastructure Europe and the Americas Boe Pahari said:

"We are pleased to complete this investment in Towercom. Towercom is a key infrastructure asset for the telecoms sector in Ireland and its acquisition is consistent with the focus of the Fund to invest in assets which underpin the Irish economy.

"Towercom offers an excellent platform from which the Fund can consider further growth in the telecoms sector, as we continue to progress an active deal pipeline consistent with our strategy of investing in quality Irish infrastructure assets across a range of sectors."

Irish Life Investment Managers (ILIM) is the asset management arm of Irish Life Group Limited, which is part of the Great-West Lifeco group of companies. ILIM manages money on behalf of a wide range of clients from large multinational corporations, charities and domestic companies. Currently managing assets of €39.4 billion as at 31st July 2013, ILIM has seen significant growth in funds under management in the past five years reflecting its recognised market innovation and leadership position.

Source: AMP Capital