A global mid-market infrastructure investment trust, managed by Astatine Investment Partners, is seeking to raise £300m (€343m) as it floats on the London Stock Exchange.
AT85 Global Mid-Market Infrastructure Income is proposing to issue shares at 100p each in an initial public offering and list on the stock exchange.
AT85, which targets mid-market core-plus infrastructure assets, said it has a pipeline of £539.8m which includes £98.5 worth of initial portfolio.
The company will mainly target transport and logistics, utility-related and digital infrastructure assets in the US, Canada, UK and Europe.
AT85 said it intends to invest up to 20% of net proceeds from the proposed fundraising into Alinda Infrastructure Fund IV (AF4), a fund managed by Astatine. AF4 currently has investments in global airfreight logistics firm ACL Airshop and BTR, a provider of vehicles to the environment and waste management industry. AF4 has also agreed to buy a stake in Everfast Fiber Networks.
Richard Morse, AT85’s chairman, said: “In the current market, we believe investors will be seeking to diversify their infrastructure exposure into assets that can provide an attractive total return beyond that delivered by core infrastructure. The company’s core-plus strategy provides investors with the opportunity to access a global and diversified infrastructure portfolio, allocated by an experienced manager, that can deliver both growth and a reliable source of income.
”The direct and active investment approach adopted by the investment team facilitates control over operational levers and investment decisions while the focus on cashflows and inflation linkage supports the defensive investment strategy well suited to the macro-economic environment.”
Andrew Bishop, co-managing partner Astatine Advisers, said: “We are delighted to offer investors the opportunity to invest in the company, a mid-market core-plus infrastructure offering, that benefits from our long-term investment experience in North America and Europe since 2005, including mid-market focused investments since 2014.
”Within this asset class, we have selected three key sectors on which to focus, Transport & Logistics, Utility Related and Digital Infrastructure, providing a compelling risk-adjusted return over the long term and accessing key enduring investment themes of digitalisation, efficient movement of goods and the provision of essential services. We believe this focussed approach to key attractive sectors will provide compelling risk-adjusted returns over the long term.”
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