EMEA: Manager close to selling European infra fund

02 July 2018 - 12:00 am UTC

The manager of the South Europe Infrastructure Equity Finance (SEIEF) fund is close to completing the sale of remaining limited partner stakes in the fund to a single institutional investor, Inframation has learnt.

It has also emerged that Banca Sabadell sold its commitment in the fund last year to French asset management company Atlante Gestion, which is also expected to manage the fund post-sale.

SEIEF’s manager, European Public Infrastructure Partners (EPIM), is expected to close the sale to the single investor, whose identity has not been disclosed, in the next couple of weeks. 

A share purchase agreement between EPIM and the buyer has already been agreed. LPs looking to sell include Dexia, EIB, Caixa Geral, Holding Communal and Banco Popolare.

SEIEF, a 10-year EUR 120m PPP and solar-focused infrastructure fund, was put up for sale by EPIM in January 2015, with PwC advising. 

The fund includes a number of social infrastructure PPP projects and solar assets that have been described by industry watchers as “ripe” for purchase.

The deal also includes several rolling stock lease contracts, although they face challenges. Three of the four contracts mature by 2023, with the final maturing in 2029. A source added that there were pricing uncertainties amongst bidders with regard to the rolling stock lease contracts, and this is likely to have held the sale up. 

Atlante Gestion, which specialises in PPP asset management and origination, acquired Banco de Sabadell’s LP stake in the fund last year through its France Infrastructure 1 FCPI fund, a EUR 100m vehicle created at the end of 2011 raised to invest primarily in French PPPs, Inframation understands. 

London Stock Exchange-listed John Laing Infrastructure Fund, Tri-Pillar Infrastructure Fund, a UK-based fund that postponed a listing on the London Stock Exchange last year and 3i European Operational Projects Fund had all previously shown interest in acquiring the portfolio of assets.