25th Sep 2014 06:56
LONDON (Alliance News) - 3i Infrastructure PLC Thursday said the level of income generated by its portfolio in the first six months of the year is in line with the comparable period last year.
In a statement, 3i Infrastructure said its portfolio generated GBP31.0 million between April 1 and September 24, equal to the amount generated in the first six months of its last financial year.
The company said that prices for infrastructure assets, particularly in core infrastructure, continue to rise, citing recent competitive auction processes. It said the news is positive for the valuation of its existing European portfolio. However, the company said the competitive market conditions make it "challenging" to find new investment opportunities consistent with its target return.
Over the period, the company committed to invest GBP8.6 million in two new public private partnership projects.
3i Infrastructure received GBP19.3 million of proceeds in the period, comprised of GBP7.4 million from the 3i India Infrastructure Fund following its sale of a stake in Adani Power, GBP8.0 million from Elenia relating to income capitalised in the previous financial year, and GBP3.9 million partial shareholder loan repayment from Eversholt.
3i Investments PLC is a subsidiary of 3i Group PLC. It is the investment adviser to 3i Infrastructure PLC.
3i Infrastructure shares Wednesday closed at 139.80 pence.
By Samuel Agini; [email protected]; @samuelagini
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