The annual number of deals completed by unlisted infrastructure fund managers in European infrastructure assets rose steadily from 29 transactions to 139 completed deals between 2004 and 2009. Slightly fewer deals (122) were finalised in 2010 due to the ongoing issues surrounding the availability of long-term debt financing. Although there has been a slow start to 2011 we expect infrastructure deal flow to improve as the year goes on.
In 2011 to date, 22 European infrastructure deals have been completed, including Arcus European Infrastructure Fund I’s acquisition of a 77.8% stake in Forth Ports. The €760mn ($1.2bn) deal gave the fund complete ownership of the asset. 23 deals have been finalized in assets located in Asia and Rest of World, while 13 deals have been made by unlisted infrastructure fund managers in North American projects so far this year.
Significant infrastructure deals that have taken place historically include Kemble Water consortium’s £8bn ($16bn) takeover of Thames Water from RWE Group in December 2006. The Kemble Water Consortium consisted of a number of unlisted infrastructure fund managers including Macquarie Infrastructure and Real Assets, Santander Private Equity and AMP Capital. And in November 2010 , the Lisea consortium consisting of AXA Infrastructure Activities, CDC Infrastructure and VINCI Concessions was awarded the SEA High Speed Railway Line concession in Tours, France for €7.9bn.