3i to list infrastructure fund
Just three months after saying it would hive off its infrastructure assets, previously held within its growth capital arm, into a separate, standalone vehicle, 3i has decided to list that fund, 3i Infrastructure, on the LSE.
A float was flagged as an option back in November when the private equity group said it was aiming to boost its infrastructure investments from around £350m at the time, to something approaching £600, or around 10 to 15 per cent of its balance sheet.
Now 3i is aiming to raise between £700m and £1.3bn, before any over-allotment provision, through the listing of ordinary shares and warrants to invest in infrastructure businesses and assets in Europe, North America and Asia. Subject to the float reaching its £700m minimum target, £325m of that will come from 3i itself.
That will be given a headstart with the purchase from 3i of a portfolio of assets including its investment in AWG, the owner of Anglia Water, an interest in Infrastructure Investments, one of the UK’s largest equity funds investing in secondary PFI projects and investments in two other PFI projects: Norfolk and Norwich Hospital and Alpha Schools, Scotland.
The fund is aiming for a 12 per cent total return annually over the long term, with a 5 per cent distribution yield once fully invested through dividends and capital returns.
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