Envergure

Nous faisons partie de la marque abrdn qui gère un encours de plus de £18.8 milliards/€21.0 milliards/$22.4 milliards d’actifs sur les marchés privés. Nous comptons ainsi parmi les plus gros investisseurs privés au monde. Nous gérons au total plus de £5.1 milliards/€5.7 milliards/$3.96 milliards d’investissements en infrastructures pour le compte d’investisseurs*.

*Source : abrdn. Au 31 décembre 2020.

Équipe

Créée en 1998, notre équipe hautement expérimentée de 34 professionnels de l’investissement a investi, à ce jour (mai 2019), dans plus de 120 investissements en infrastructures. L’équipe est basée à Londres, Édimbourg, Paris, Madrid, Amsterdam, Bahreïn, Sydney et Bogota.

Investisseurs

Notre base d'investisseurs couvre des fonds de pensions publics et privés, des sociétés d’assurance et des family offices dans le monde entier.

Stratégie

Nous privilégions les flux de trésorerie basés sur la disponibilité, partiellement liés à l’inflation, ayant peu ou pas de corrélation avec les cycles économiques. La valeur réside dans le contrat, et le risque associé à la valeur résiduelle de l’actif est limité.

Nous investissons dans les hôpitaux, les écoles, les routes, les équipements roulants, les logements sociaux, la gestion des déchets et l’eau au Royaume-Uni, en Europe, en Australie, aux États-Unis, au Moyen-Orient et en Amérique latine.

Portefeuille de concessions

roads

Routes

Le département des transports de Caroline du Nord, en coopération avec l’administration fédérale des autoroutes, a proposé d’améliorer les 26 miles reliant la I-77 à la I-277 en introduisant des voies de péage réservées aux véhicules à fort taux d’occupation.

Le projet I-77 HOT proposé est une conversion et une extension de l’installation actuelle pour les véhicules à fort taux d’occupation qui fournira aux communautés en expansion et au trafic congestionné de la I-77 une capacité supplémentaire.

Secteur: Transports

Localisation: Caroline du Nord

Taille du projet : 663 Mln $

industrial buildings

Social

La cour de justice de Paris est un contrat de PPP pour la conception, le financement de la construction, l’entretien et l’exploitation d’un nouveau tribunal de justice à Paris. La nouvelle cour de justice comprendra 90 salles d’audience et devrait accueillir 8 500 personnes par jour.

L’accord de projet court sur une durée de 32 ans, dont une période de construction de 5 ans. La durée de la période d’exploitation est fixée à 27 ans.

Secteur: Gouvernement

Localisation : Paris, France

Taille du projet : 605 Mln $

brown belt

Traitement des eaux usées

Le projet de station d’épuration de Mundaring regroupe la conception, la construction, le financement et l’exploitation d’une nouvelle station d’épuration près de Perth, en Australie occidentale. La station desservira la région agricole de Goldfields et approvisionnera plus de 100 000 personnes en eau douce.

Le projet fonctionne avec succès depuis 2013 et nous avons récemment achevé le premier refinancement de la dette senior, comme prévu, pour une durée de 5 ans.

Secteur: Traitement des eaux usées

Localisation: Perth, Australia

Taille du projet : 400 Mln $ australiens

  • roads

    Routes

    Le département des transports de Caroline du Nord, en coopération avec l’administration fédérale des autoroutes, a proposé d’améliorer les 26 miles reliant la I-77 à la I-277 en introduisant des voies de péage réservées aux véhicules à fort taux d’occupation.

    Le projet I-77 HOT proposé est une conversion et une extension de l’installation actuelle pour les véhicules à fort taux d’occupation qui fournira aux communautés en expansion et au trafic congestionné de la I-77 une capacité supplémentaire.

    Secteur: Transports

    Localisation: Caroline du Nord

    Taille du projet : 663 Mln $

  • industrial buildings

    Social

    La cour de justice de Paris est un contrat de PPP pour la conception, le financement de la construction, l’entretien et l’exploitation d’un nouveau tribunal de justice à Paris. La nouvelle cour de justice comprendra 90 salles d’audience et devrait accueillir 8 500 personnes par jour.

    L’accord de projet court sur une durée de 32 ans, dont une période de construction de 5 ans. La durée de la période d’exploitation est fixée à 27 ans.

    Secteur: Gouvernement

    Localisation : Paris, France

    Taille du projet : 605 Mln $

  • brown belt

    Traitement des eaux usées

    Le projet de station d’épuration de Mundaring regroupe la conception, la construction, le financement et l’exploitation d’une nouvelle station d’épuration près de Perth, en Australie occidentale. La station desservira la région agricole de Goldfields et approvisionnera plus de 100 000 personnes en eau douce.

    Le projet fonctionne avec succès depuis 2013 et nous avons récemment achevé le premier refinancement de la dette senior, comme prévu, pour une durée de 5 ans.

    Secteur: Traitement des eaux usées

    Localisation: Perth, Australia

    Taille du projet : 400 Mln $ australiens

Philosophie

Notre philosophie d’investissement concernant les infrastructures économiques se fonde sur la conviction qu’il s’agit d’une catégorie d’actifs à long terme à même de générer des performances intéressantes et régulières pour nos investisseurs. Notre approche est centrée sur :

  • le développement d’une structure de fonds à long terme alignée sur les objectifs des investisseurs ;
  • la création d’un portefeuille d’investissements d’infrastructures core/core+ du marché intermédiaire ;
  • a reconnaissance de l’importance d’une gestion d’actifs efficace et de l’engagement auprès des parties prenantes ;
  • la définition claire de ce que recouvre une infrastructure stratégique dans l’éventail de performances que nous ciblons.

Investisseurs

Notre base d'investisseurs couvre des fonds de pensions publics et privés, des sociétés d'assurance et des family offices dans le monde entier.

Stratégie

Nous investissons dans des actifs opérationnels présentant un risque de construction réduit ou nul. Nous ciblons des investissements d'infrastructure en Europe qui dégagent généralement un rendement dès le premier jour. Nous sommes sensibles aux caractéristiques d'investissement suivantes :

  • actifs positionnés sur les tranches inférieures à moyennes du marché sur des créneaux moins compétitifs ;
  • actifs liés à des services essentiels dont les flux de trésorerie sont prévisibles ;
  • actifs réglementés ou actifs associés à un cadre contractuel rigoureux ;
  • actifs à bas risque nécessitant un développement opérationnel réduit ;
  • participations majoritaires ou minoritaires lorsque nous disposons de droits de gouvernance adéquats.

Portefeuille "core"

Nordic Power

Nordic Power

In June 2015, we acquired 100% of Nordic Power AS, a portfolio of 13 newly commissioned hydropower plants from Nordkraft, a Norwegian utility controlled by the Narvik Municipality. Since acquisition, we have added an additional two plants to the portfolio, taking the total projected annual output to 160 GWh.

Key attractions:

  • Attractive return and yield profile
  • Core, power generation asset
  • Proven technology, low operating risk and long asset lives
  • Exclusive option over pipeline of new plants
Sector Subsector Geography Ownership
Energy Hydro Norway 100%
Equities

Rock Rail

Rock Rail East Anglia PLC

Aquired October 2015. 20x12 carriage electric Stadler trains, 24x4 and 14x3 carriage bi-mode Stadler trains serving the InterCity, Stansted Express and Regional lines of the East Anglia Franchise, operated by Abellio. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.

Sector Location Ownership
Transport UK 48%

Rock Rail Moorgate

Aquired February 2016. 25x6 carriage electric Siemens trains, serving Great Northern franchise Moorgate commuter lines, operated by Govia Thameslink Railway. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.

Sector Location Ownership
Transport UK 94%

Rock Rail South Western

Aquired June 2017. and 30x5 carriage electric Bombardier trains, serving key London commuter services on the South Western franchise, operated by First MTR. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.

Sector Location Ownership
Transport UK 45%

Rock Rail West Coast

Aquired December 2019. 10x7 carriage electric Hitachi trains and13x5 carriage bi-mode Hitachi trains serving the West Coast Partnership Franchise, operated by First Trenitalia. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.

Sector Location Ownership
Transport UK 94%
Auris Kaasunjakelu Oy

Auris Kaasunjakelu Oy

In June 2015, we acquired 100% of Auris Kaasunjakelu, the largest natural gas distribution pipeline in Finland, from Gasum Oy, a Finnish state controlled company. The pipeline provides local gas distribution to Helsinki and 11 surrounding areas.

Key attractions:

  • Strong cash generation and yield
  • Core infrastructure asset with regulated return
  • Safe and stable operating and regulatory environment
  • Safe, stable operating environment
  • Recently upgraded asset base and low capex requirement
  • Growth opportunities through acquisition
Sector Subsector Geography Ownership
Utilities Gas distribution Finland 100%
ASI

Noordgastransport

Aquired September 2017 interest in NGT UJV, and May 2018 stake in NGT B.V.. The NGT system consists of a pipeline and processing system that transports and treats natural gas that is produced in the Dutch Continental Shelf, and consists of:

  • A 140km pipeline (“NGT Extension”) constructed in 1999
  • A 178km ‘legacy’ pipeline (“Legacy Pipeline”) constructed in 1975
  • An onshore gas processing plant (“Processing Plant”) at Uithuizen, the Netherlands
Sector Location Ownership
Energy Netherlands 18% / 20%
Oikos

Oikos

Aquired May 2019. Owner and operator of a state-of-the-art liquid bulk storage terminal located on the River Thames Estuary offering c.300,000 m3 tank capacity and unique access to pipeline connections, deep-water jetty and road loading facilities. Oikos currently handles jet fuel and diesel, and is critical to supplying jet fuel to Heathrow, Gatwick and Stansted airports and diesel to the South East and Midlands of the UK.

Sector Location Ownership
Energy UK 100%
Riihimaen

Riihimäen Kaukolämpö Oy

Aquired February 2019. Riihimäen Kaukolämpö Oy is the owner and operator of the district heating network in the in the City of Riihimäki and the surrounding areas. Riihimäki is a rapidly expanding “commuter city” located within 100km of Helsinki and Tampere, two of the most economically vibrant regions in Finland. The length of the network is 98.5km across the Riihimäki area and there are currently 739 clients connected to the network.

Sector Location Ownership
Energy Finland 49%
Unitank

Unitank

Aquired May 2019. UNITANK is a market leading independent infrastructure and services provider storing liquid oil products on behalf of strategic storage agencies and Oil & Gas majors. The company owns and operates five terminals in Germany and one terminal in Belgium, all in key strategic locations.

Sector Location Ownership
Energy Germany / Belgium 50%
LOIMUA

LOIMUA

Aquired Juy 2019. Loimua primarily owns and operates 640MW of heat production capacity and 16 district heating networks across Central and Southern Finland. The networks cover c.500km and c.4,600 supply points.

Loimua produces DH and electricity, and sells and distributes district heating and natural gas in Häme, Central Finland, Northern Ostrobothnia and Heinola.

Sector Location Ownership
Utilities Finland 37.5%
Polish Solar

Polish Solar

Aquisition began Q3 2019. 351 MW of ground-mounted solar photovoltaic farms spread between seven operational (Aurora I, II & III, Helios I & II, Eos, Ra) or being developed projects by local developers. Construction of first farms completed in mid-2018 with balance coming online by Q1 2021. Revenue underpinned by 15-year guaranteed tariff under Poland’s newly introduced contract for difference regime.

Sector Location Ownership
Energy Poland 100%
Airband

Airband

Acquired in November 2020, Airband is a provider of rural connectivity services in the West of England, historically through Fixed Wireless Networks (“FWA”). Since 2018 the business has pivoted towards providing Fibre to the Premises (“FTTP”), driven by UK Government led initiatives including subsidies, to promote significant investment in fibre infrastructure for rural areas and is targeting 675,000 homes passed by 2025.

Sector Location Ownership
Telecomms UK >50%
Outokummun

Outokummun Energia Oy

Aquired December 2020, Outokummun Energia primarily owns and operates a regulated electricity distribution network, a district heating network and a small retail business in the City of Outokumpu, in Eastern Finland. The networks cover a combined length of 1,030km and approximately 5,280 electricity distribution and 4,260 energy customers. Additionally, Outokummun Energia owns and operates 50MW of heat production.

Sector Location Ownership
Utilities Finland 66%
  • Nordic Power

    Nordic Power

    In June 2015, we acquired 100% of Nordic Power AS, a portfolio of 13 newly commissioned hydropower plants from Nordkraft, a Norwegian utility controlled by the Narvik Municipality. Since acquisition, we have added an additional two plants to the portfolio, taking the total projected annual output to 160 GWh.

    Key attractions:

    • Attractive return and yield profile
    • Core, power generation asset
    • Proven technology, low operating risk and long asset lives
    • Exclusive option over pipeline of new plants
    Sector Subsector Geography Ownership
    Energy Hydro Norway 100%
  • Rock Rail

    Rock Rail

    Rock Rail East Anglia PLC

    Aquired October 2015. 20x12 carriage electric Stadler trains, 24x4 and 14x3 carriage bi-mode Stadler trains serving the InterCity, Stansted Express and Regional lines of the East Anglia Franchise, operated by Abellio. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.

    Sector Location Ownership
    Transport UK 48%

    Rock Rail Moorgate

    Aquired February 2016. 25x6 carriage electric Siemens trains, serving Great Northern franchise Moorgate commuter lines, operated by Govia Thameslink Railway. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.

    Sector Location Ownership
    Transport UK 94%

    Rock Rail South Western

    Aquired June 2017. and 30x5 carriage electric Bombardier trains, serving key London commuter services on the South Western franchise, operated by First MTR. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.

    Sector Location Ownership
    Transport UK 45%

    Rock Rail West Coast

    Aquired December 2019. 10x7 carriage electric Hitachi trains and13x5 carriage bi-mode Hitachi trains serving the West Coast Partnership Franchise, operated by First Trenitalia. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.

    Sector Location Ownership
    Transport UK 94%
  • Auris Kaasunjakelu Oy

    Auris Kaasunjakelu Oy

    In June 2015, we acquired 100% of Auris Kaasunjakelu, the largest natural gas distribution pipeline in Finland, from Gasum Oy, a Finnish state controlled company. The pipeline provides local gas distribution to Helsinki and 11 surrounding areas.

    Key attractions:

    • Strong cash generation and yield
    • Core infrastructure asset with regulated return
    • Safe and stable operating and regulatory environment
    • Safe, stable operating environment
    • Recently upgraded asset base and low capex requirement
    • Growth opportunities through acquisition
    Sector Subsector Geography Ownership
    Utilities Gas distribution Finland 100%
  • ASI

    Noordgastransport

    Aquired September 2017 interest in NGT UJV, and May 2018 stake in NGT B.V.. The NGT system consists of a pipeline and processing system that transports and treats natural gas that is produced in the Dutch Continental Shelf, and consists of:

    • A 140km pipeline (“NGT Extension”) constructed in 1999
    • A 178km ‘legacy’ pipeline (“Legacy Pipeline”) constructed in 1975
    • An onshore gas processing plant (“Processing Plant”) at Uithuizen, the Netherlands
    Sector Location Ownership
    Energy Netherlands 18% / 20%
  • Oikos

    Oikos

    Aquired May 2019. Owner and operator of a state-of-the-art liquid bulk storage terminal located on the River Thames Estuary offering c.300,000 m3 tank capacity and unique access to pipeline connections, deep-water jetty and road loading facilities. Oikos currently handles jet fuel and diesel, and is critical to supplying jet fuel to Heathrow, Gatwick and Stansted airports and diesel to the South East and Midlands of the UK.

    Sector Location Ownership
    Energy UK 100%
  • Riihimaen

    Riihimäen Kaukolämpö Oy

    Aquired February 2019. Riihimäen Kaukolämpö Oy is the owner and operator of the district heating network in the in the City of Riihimäki and the surrounding areas. Riihimäki is a rapidly expanding “commuter city” located within 100km of Helsinki and Tampere, two of the most economically vibrant regions in Finland. The length of the network is 98.5km across the Riihimäki area and there are currently 739 clients connected to the network.

    Sector Location Ownership
    Energy Finland 49%
  • Unitank

    Unitank

    Aquired May 2019. UNITANK is a market leading independent infrastructure and services provider storing liquid oil products on behalf of strategic storage agencies and Oil & Gas majors. The company owns and operates five terminals in Germany and one terminal in Belgium, all in key strategic locations.

    Sector Location Ownership
    Energy Germany / Belgium 50%
  • LOIMUA

    LOIMUA

    Aquired Juy 2019. Loimua primarily owns and operates 640MW of heat production capacity and 16 district heating networks across Central and Southern Finland. The networks cover c.500km and c.4,600 supply points.

    Loimua produces DH and electricity, and sells and distributes district heating and natural gas in Häme, Central Finland, Northern Ostrobothnia and Heinola.

    Sector Location Ownership
    Utilities Finland 37.5%
  • Polish Solar

    Polish Solar

    Aquisition began Q3 2019. 351 MW of ground-mounted solar photovoltaic farms spread between seven operational (Aurora I, II & III, Helios I & II, Eos, Ra) or being developed projects by local developers. Construction of first farms completed in mid-2018 with balance coming online by Q1 2021. Revenue underpinned by 15-year guaranteed tariff under Poland’s newly introduced contract for difference regime.

    Sector Location Ownership
    Energy Poland 100%
  • Airband

    Airband

    Acquired in November 2020, Airband is a provider of rural connectivity services in the West of England, historically through Fixed Wireless Networks (“FWA”). Since 2018 the business has pivoted towards providing Fibre to the Premises (“FTTP”), driven by UK Government led initiatives including subsidies, to promote significant investment in fibre infrastructure for rural areas and is targeting 675,000 homes passed by 2025.

    Sector Location Ownership
    Telecomms UK >50%
  • Outokummun

    Outokummun Energia Oy

    Aquired December 2020, Outokummun Energia primarily owns and operates a regulated electricity distribution network, a district heating network and a small retail business in the City of Outokumpu, in Eastern Finland. The networks cover a combined length of 1,030km and approximately 5,280 electricity distribution and 4,260 energy customers. Additionally, Outokummun Energia owns and operates 50MW of heat production.

    Sector Location Ownership
    Utilities Finland 66%

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Risk warning
Risk warning - Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not a guide to future results.