Pensions Infrastructure Platform (PiP) is buying a portfolio of 10 UK public-private partnership projects for just over £400m (€448m).
The specialist infrastructure investment manager, which now manages almost £750m of assets, said it reached agreement with Aberdeen UK Infrastructure Partners for the portfolio.
The acquisition, which was made by the PiP Multi-Strategy Infrastructure Fund, includes hospitals, highways operations and maintenance contracts, energy from waste projects and social housing. PiP will manage the interests directly.
PiP was set up in 2011 and is backed by the National Association of Pension Funds (NAPF) as a method of channelling pension fund investment into UK infrastructure.
Over the past 18 months, PiP has acquired two infrastructure debt portfolios, a portfolio 31 onshore wind turbines, a portfolio of six solar energy parks, a stake in a ferry company and now 10 social infrastructure assets, bringing all of them into the direct ownership of UK pension schemes.
PiP said it has now exceeded its initial funding objective by securing almost £750m of investment from seven pension schemes.
Mike Weston, chief executive of PiP, said: “These projects deliver vital facilities from which essential public services are provided to many thousands of people in England and Scotland.
“We are looking forward to working closely with the public-sector owners over the next 20 to 30 years to ensure these facilities are maintained and operated to the highest possible standards.”
“Our buy-and-hold investment strategy, together with our cost-efficient and responsible approach to asset management, ensures that maximum value is delivered to pension scheme investors and their members. As PiP continues to grow even more benefits will be secured for them.”
