PiP acquires portfolio of 10 UK PPPs
Pensions Infrastructure Platform (PiP), has announced that it has reached an agreement with Aberdeen UK Infrastructure Partners LP to acquire a portfolio of interests in ten UK public-private partnership projects for just over £400 million (US$533,24 million). PiP will manage the interests directly.
The acquisition, by the PiP Multi-Strategy Infrastructure Fund (MSIF), includes hospitals, highways operations and maintenance contracts, energy from waste projects and social housing.
During 2017 PiP has acquired a portfolio of 6 solar energy parks, a stake in a ferry company and now 10 social infrastructure assets, bringing all of them into the direct ownership of UK pension schemes.
PiP has now exceeded its initial funding objective by securing almost £750 million (US$999,83 million) of investment from 7 pension schemes, and has an experienced investment, asset management and operational team in place.
PiP invests for the long-term on behalf of pension schemes and their members. It owns and manages assets capable of providing 20-30 years or more of inflation linked cash flows to help schemes meet their long-term pension payment obligations. It will continue to build on these investments to deliver a diversified portfolio of UK infrastructure assets for pension schemes and their members.
Mike Weston, Chief Executive of PiP, said:
“These projects deliver vital facilities from which essential public services are provided to many thousands of people in England and Scotland. We are looking forward to working closely with the public-sector owners over the next 20-30 years to ensure these facilities are maintained and operated to the highest possible standards.”
“This transaction is a milestone for PiP, taking us close to £750m of assets under management just 18 months after the launch of our first fund. It demonstrates that it is possible for a group of UK pension schemes to collaborate to make long-term investments in infrastructure. Our buy and hold investment strategy, together with our cost efficient and responsible approach to asset management, ensures that maximum value is delivered to pension scheme investors and their members. As PiP continues to grow even more benefits will be secured for them.”
Country news
-
-
November 21, 2017
Infracapital closes its first greenfield fund
Infracapital, the infrastructure equity investment arm of M&G Investments, has successfully reached a final closing of its latest fund, Infracapital Greenfield Partners I LP, with total commitments of £1.25 billion (US$ 1,65 billion). This is well in excess of its £1 billion (US$ 1.32 billion) target and in line with Infracapital’s internal hard cap.
Read more -
November 13, 2017
RFQ for Bucks NHS PPP
The Trust has announced it is seeking a private sector partner to provide services in connection with the refurbishment and ongoing maintenance of the Sterile Services Department (SSD) at Stoke Mandeville Hospital.
Read more -
November 09, 2017
University of Exeter issues student accommodation RfQ
A Request for Qualifications has been issued by The University of Exeter for the development of a design, build, finance and operate scheme, for the student residences facility containing 1,200 rooms at East Park, Streatham Campus.
Read more -
November 06, 2017
JLIF buys five PPPs from John Laing
John Laing Infrastructure Fund has agreed to acquire a portfolio of five UK Public Private Partnership projects from John Laing Group. The combined consideration of approximately GBP141.2 million will be financed by drawing on JLIF’s revolving credit facility.
Read more -
November 03, 2017
Arcus Infrastructure Partners LLP appoints Stefano Brugnolo as Partner
Arcus Infrastructure Partners has announced the promotion of Stefano Brugnolo as Partner with effect from 1 November 2017. Stefano has been a senior member of the Arcus Team since its formation in 2009.
Read more
