Cezary Podkul
The sale of the management rights and its stake in Babcock & Brown Communities comes shortly after the specialist fund manager said it would review the ownership and management rights to its listed funds as part of a restructuring effort.
The move follows Teranet’s rejection of the pension fund’s hostile bid to acquire the company for C$11 per share. The offer, made three weeks ago by an affiliate of the fund’s infrastructure arm, Borealis Infrastructure, valued the Toronto-listed income fund at C$2bn.
The move follows Teranet’s rejection of the pension fund’s hostile bid to acquire the company for C$11 per share. The offer, made three weeks ago by an affiliate of the fund’s infrastructure arm, Borealis Infrastructure, valued the Toronto-listed income fund at C$2bn.
The first of its kind country-specific mezzanine infrastructure fund will target early stage development projects in Brazil, for which mezzanine financing is “very compatible and appropriate”, sources say.
Randall Mullan, formerly of British Columbia Investment Management, will spearhead the $223bn pension fund’s infrastructure investment program starting October 14.
The new commitments bring the publicly listed infrastructure fund’s total investments to £546m since inception.
The single runway airport will belong solely to Global Infrastructure Partners after it buys out co-owner AIG’s stake in a transaction reportedly valued at £250m. The two firms bought the airport in 2006 from Irish billionaire Dermot Desmond.
The sale of minority stakes in Brazilian electric transmission assets represents a cash value of $7 per share for shareholders of the publicly traded infrastructure fund, which launched in January. Analysts estimate the proceeds will give it $550m of asset purchasing power.
The $60 million investment, made alongside Middle East investor The Family Office, marks the buyout firm’s second investment in the company, which it acquired in 2006.
The public private partnership represents the largest development of schools in Canadian history and the second such project for Babcock & Brown Public Partnerships in that country. The fund has a 75 percent equity stake in the 32 year design, build, finance and maintain contract.