Harrison Street Asset Management is expanding its presence in the district energy sector with plans to acquire a majority equity position in Vicinity Energy, the largest provider of district energy solutions in the United States, from Antin Infrastructure Partners.
A purchase price was not disclosed, but Harrison Street confirmed the deal gives Vicinity a total enterprise value of $2.92 billion. Harrison Street is planning to make the acquisition through a joint venture partnership with Kenon Holdings.
Boston-based Vicinity, which is vertically integrated with in-house commercial, operating, engineering and asset-management capabilities, serves more than 700 customers across approximately 1,000 buildings, providing district heating and cooling services across 12 major cities. The platform supplies steam, hot water and chilled water to a diverse customer base spanning commercial properties, hospitals and healthcare facilities, colleges and universities, residential buil
