Macquarie Asset Management’s latest European infrastructure fund is acquiring half of a UK independent energy utility infrastructure provider from owner Infracapital.
The Macquarie European Infrastructure Fund 7 fund is investing an undisclosed amount to buy a 50% stake in Last Mile Infrastructure, a company that owns and manages around 670,000 electricity and gas connections, linking distribution networks to residential and commercial customers.
Last Mile also designs and installs last mile electricity, gas, water and wastewater networks as well as providing smart meters to new build properties across the country.
Infracapital, the infrastructure equity investment arm of M&G will retain a 50% stake in Last Mile.
Mark Chladek, the head of brownfield at Infracapital, said: “As we continue to develop Last Mile alongside Macquarie we see significant opportunities to further grow the company, including the opportunity we have developed within the energy transition space.
”Macquarie is a deeply knowledgeable utilities investor, and we look forward to working together to build on the business’s strategy as a leading last mile multi-utility provider across the UK.”
Will Price, the head of utilities and networks in EMEA for Macquarie Asset Management, said: “The energy mix of the UK continues to transform, underpinned by a growing population and the demands to decarbonise. Operators such as Last Mile play an essential role connecting homes and businesses to critical infrastructure.”
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