GIC has acquired a minority interest in Vauban Infra Fibre (VIF), France’s independent digital infrastructure platform.
The Singaporean sovereign wealth fund made the investment, which will take the form of a capital increase alongside VIF’s existing shareholders, via one of its affiliates.
xisting shareholders include funds managed by Vauban Infrastructure Partners and Crédit Agricole Assurances (CAA). Investment funds managed by Vauban will continue to be the majority investors in VIF.
VIF manages more than 13 million connectable lines, through 25 assets across rural, urban and medium-density areas.
The capital from GIC will enable VIF to boost its investments in digital infrastructure in France. VIF is set to announce the signing of two digital infrastructure transactions, as it seeks to strengthen its position in the French market and diversify its base of digital infrastructure.
In a joint statement, Steve Ledoux and Aveen Ghurbhurn, CEO and managing director of VIF, respectively, said: “At inception back in 2020, we had envisioned the importance of fibre as an essential infrastructure and we strived to consistently keep our focus on nurturing this feature across our portfolio as a key driver to deliver value to our shareholders.
“GIC’s investment in VIF is a clear confirmation of our strategy, and we are delighted that they embarked on this journey alongside our two existing shareholders, Vauban and CAA.”
Gwenola Chambon and Mounir Corm, founding partners of Vauban Infrastructure Partners, said: “Back in 2020, Vauban Infrastructure Partners consolidated Vauban’s existing digital infrastructure assets by pooling them into a single platform, creating France’s largest independent wholesale operator in the fibre market. Welcoming GIC as a long-term partner alongside Crédit Agricole Assurances is a key milestone that will allow us to provide additional means to support the growth of the platform.
“We wish to pursue the extension of VIF’s footprint in digital infrastructure across the country. Supporting the growth of the large-scale platform that we have created is fully aligned with our strategy of active asset manager.
“Finally, it fits perfectly with our ambition to finance infrastructure assets that are essential to the development of local communities.”
Nicolas Denis, CEO of Crédit Agricole Assurances, said: “We are proud to welcome GIC as a new long-term partner, fully aligned with Vauban Infra Fibre’s investment approach. This new partnership will bring additional capacity to accelerate the platform’s development through investments in digital projects, and also contribute to Crédit Agricole Assurances meeting the societal commitments to promote access to digital technology for as many people as possible in the French territories.”
Ang Eng Seng, CIO for infrastructure at GIC, said: “We are pleased to invest in Vauban Infrastructure Fibre, one of the leading independent fibre platforms in France, alongside VIP and CAA. The French fibre to the home sector is an attractive market for investment, with advanced levels of roll out and take up. The long-term nature of VIF’s contracts aligns well with GIC’s investment horizon.
“We are confident that VIF is well-positioned to capitalise on the increasing demand for digital infrastructure and growth opportunities ahead.”
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