Barclays Integrated Infrastructure Fund, a new infrastructure fund established and managed by Barclays Private Equity, has completed the acquisition of Infrastructure Investors (I), for 558.6 million. The deal means that BIIF has acquired a portfolio of 84 investments in operational PFI/PPP projects.A 346 million acquisition debt facility has been used, together with equity investment from BIIF and deferred consideration to finance the acquisition.
I was established by Barclays Private Equity in 2003 in partnership with Socit Gnrale. 3i joined the investor group in 2005 as a third partner, and Fleming Family & Partners became a limited partner in I in 2006. BIIF is now the sole owner of the fund.
“The acquisition of I is a unique opportunity for BIIF to acquire a high quality, diversified portfolio of operational PFI/PPP investments which provides critical mass from the outset,” says Chris Elliott, managing director of the BPE Infrastructure team. “BIIF will actively manage the portfolio to provide a long-term, stable yield for its investors. BIIF will look to make further investments in the infrastructure market that will complement the I portfolio and add further value.”
I’s portfolio consists of investments in 84 projects, including healthcare facilities, schools, roads and other transport projects, defence facilities and equipment, government office accommodation and Scottish waste water treatment plants.
BIIF is the most recent infrastructure fund to be raised by BPE. Including BIIF, the BPE Infrastructure team has successfully raised and managed six infrastructure funds since its inception in 1996.
D.C.