31st Mar 2014 14:07
LONDON (Alliance News) - 3i Infrastructure PLC Monday said its portfolio is performing well operationally and financially, generating GBP80.9 million in income between the start of April and March 28.
In the nine months to the end of December, the portfolio generated GBP64.3 million in income.
The real estate investor said it has made a new investment in the Mersey Gateway Bridge primary PPP project. It said it committed to invest GBP13.1 million alongside Spanish construction company Fomento de Construccion y Contratas into an entity that will hold a 25% stake in the project.
The project involves the design, build, finance and operation of a 1 kilometre tolled bridge across the river Mersey in Liverpool, as well as 9 kilometre of approach roads, against availability-based payments commencing from 2017. The bridge will aim to relieve traffic on the existing congested Silver Jubilee Bridge, which is currently the only road crossing point between Liverpool and Warrington. Construction is expected to commence in April 2014, with completion expected in the spring of 2017, 3i said in a statement.
Peter Sedgwick, Chairman of 3i Infrastructure, said the European portfolio has continued to perform well and to deliver good levels of income.
"While the India Fund remains affected by a number of macro-economic and market issues, its performance overall stabilised in the second half of the year," Sedgwick said in a statement.
Phil White and Ben Loomes, Managing Partners for Infrastructure, 3i Investments PLC added that the company is targeting a portfolio comprising at least 75-80% core infrastructure investments, with the balance invested in PPP projects, with an emphasis on primary investments.
"The new investment in the Mersey Gateway Bridge primary PPP project, along with the investment in the Dutch National Military Museum completed at the end of 2013, demonstrates the value of the Investment Adviser's acquisition of Barclays' European PPP investment platform," they said in a statement.
"In addition to seeing a good pipeline of primary PPP projects, we continue to see attractive opportunities in the core infrastructure market, which remains the company's key area of focus," they added.
The company was reporting a pre-close trading update ahead of its results for year ending March 31.
3i Infrastructure shares were Monday quoted at 134.65 pence, up 0.3%.
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
3i Infrastructure