Bruno Alves
Public entity Transport for London has bought Bechtel and Amey, a Ferrovial subsidiary, out of Tube Lines – the private sector consortium tasked with upgrading London’s underground rail – for £310m. Mayor Boris Johnson is happy to be free ‘from the perverse pressures of the Byzantine PPP structure’.
The Italian infrastructure investor is suing Citigroup over the failed placement of an infrastructure fund in 2007. It is said to be looking for €100m in damages, according to the local media. Citi denies any wrongdoing and says it will 'vigorously defend' itself.
The Spanish infrastructure group said in its first-quarter results that the sale of subsidiary Cintra’s Chilean road concessions could be delayed by several months from its May 31 closing date following damage caused by the recent earthquake.
EBITDA growth of 11.2% and “robust” asset performance has left 3i Infrastructure with a war chest of £314m “to invest in a strong pipeline of opportunities”.
The advisory company running the day-to-day activities of the EU-focused €1.5bn Marguerite infrastructure fund has hired David Harrison, formerly of Macquarie, to serve as chief financial officer and William Pierson, a former partner at Santander Infrastructure Capital, to be the firm’s managing director for energy investments.
Morrison & Co and Craigs Investment Partners’ social infrastructure vehicle has raised NZ$41m from its IPO, about 33% of the $125m they originally intended to raise from the share offering.
The UK bank is in talks with investors to gauge their support for a new infrastructure fund that would target investments across Europe.
Spanish transport minister José Blanco has signed a protocol with public and private financial institutions to help fund his €17bn infrastructure plan. About 42% of the funds will come from public institutions with the private sector expected to foot the bill for the remaining 58%.
Eiffage has dropped the idea of a capital increase to service debt for toll road APRR while preserving its credit rating. This was a solution that Macquarie, which jointly owns APRR with Eiffage, did not support. The two firms have now agreed on a dividend payment that will allow them to service some €80m in debt.
Arcus European Infrastructure Fund, RREEF and Peel Ports have had their third offer to acquire UK ports operator Forth Ports rejected by the company. The consortium had increased its bid from £612m to around £643m but Forth Ports thinks the offer still ‘falls far short’ of its true value.