6th Nov 2014 09:11
LONDON (Alliance News) - 3i Infrastructure PLC has a "healthy" pipeline of core infrastructure and primary project investment going into the second half of the year, according to Chairman Peter Sedgwick, who was commenting Thursday as the investor in infrastructure businesses and assets reported a 10 pence rise in its net asset value per share after deducting dividend payments.
In a statement, 3i Infrastructure, whose investment adviser is 3i Group PLC's 3i Investments PLC, said its NAV per share after deducting interim dividends, was 133.0 pence at the end of September, compared with 123.0p at the end of March after deducting its final dividend.
3i Infrastructure reported a GBP117.4 million total return for the first half of the year, driven by the performance of the European portfolio, particularly the valuation uplift of the company's rolling stock investments, Eversholt Rail and XLT.
The company said that prices for infrastructure assets, particularly in core infrastructure, continue to rise, citing recent competitive auction processes.
"This has positive value implications for the existing European portfolio. At the same time, these competitive market conditions make it challenging for the company to find new investment opportunities in core infrastructure consistent with its return target," Sedgwick said in a statement.
"The board reviews the company's shareholder return objectives on a regular basis, taking market developments into account, and will make an assessment at its next annual strategy review meeting early in the new year," Sedgwick added.
3i Infrastructure will pay an interim dividend of 3.38 pence per share.
3i Infrastructure shares were up 2.9% at 150.70 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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