Canadians take a stake in ABP
Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure have signed an agreement to invest approximately £1.6bn (C$2.9bn) to acquire a 30% stake in Associated British Ports (ABP).
CPPIB and Hermes Infrastructure, part of Hermes Investment Management, are acquiring this interest in ABP from GS Infrastructure Partners and Infracapital, while Borealis Infrastructure and Government of Singapore Investment Corporation (GIC) remain as ABP shareholders.
Cressida Hogg, managing director & global head of infrastructure at CPPIB, said: “We are excited about this unique opportunity to invest in a significant portfolio of landlord ports with a proven track record of steady operational performance.”
“This investment is an important addition to our global infrastructure portfolio and fits well with CPPIB’s long-term investment mandate.”
The transaction is conditional on customary anti-trust clearances and is expected to close in summer 2015. There may also be the opportunity to acquire a further 3.33% subject to pre-emption rights.
ABP is one of the leading UK port landlord groups, it owns and operates 21 ports in England, Scotland, and Wales.
A significant investor in the UK, CPPIB has invested approximately £7.6bn (C$14.3bn) in real estate, infrastructure, public equities, real estate investment funds, and direct investments.
Hermes Investment Management meanwhile manages £28.6bn and advises on £134bn through ESG and stewardship services. It invests in high quality infrastructure assets on behalf of its clients and is focused on delivering enhanced risk-adjusted returns for investors.
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