CIC Capital, Macquarie Infrastructure and Real Assets (MIRA) and Allianz Capital Partners are among the investors in a £3.6bn (€4.2bn) UK energy consortium.
The Quad Gas Group, which also includes Hermes Investment Management, the Qatar Investment Authority, Amber Infrastructure’s International Public Partnerships (INPP) and Dalmore Capital, is jointly taking a 61% stake in four National Grid gas-distribution networks in the UK.
The deal, expected to close early next year, sees MIRA and CIC become the largest stakeholders in the group, taking 14.5% and 10.5% stakes, respectively, with Allianz Capital Partners taking 10.2%.
MIRA is estimated to be investing £850m-900m, based on INPP’s 4.4% stake stated as being worth £275m.
Martin Stanley, global head of MIRA, said: “This is a well-established business, and we are confident we as investors can continue to provide both high-quality infrastructure for the UK and appropriate risk-adjusted returns for investors.”
Dalmore Capital, which also takes a 4.4% stake, and INPP, previously joined Allianz in a £4.2bn successful bid for the UK’s Thames Tideway Tunnel project last year.
Christian Fingerle, CFO at Allianz Capital Partners, and Peter Hofbauer, head of infrastructure at Hermes Investment Management, which takes a 8.5% stake, both said the assets fit their respective core investment strategies.
International Public Partnership chairman Rupert Dorey said its participation in the group offered additional opportunities for “highly attractive risk-adjusted returns with strong inflation protection”.
National Grid will hold a 39% stake, of which a further 14% could be sold to the consortium.