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OFI surpasses €400m target with European infrastructure fund

by Andrea Waitrovich

OFI InfraVia has surpassed its €400 million ($546 million) target, holding a €530 million ($724 million) close for its second European infrastructure fund.

InfraVia European Fund II primarily focuses on European midcap brownfield infrastructure assets and will consider investments across a broad spectrum of infrastructure opportunities including the transportation, energy, utilities and communications sectors.

The firm has started to invest its capital. To date, InfraVia II has invested in four European infrastructure assets: the A8 motorway in Germany, a French regulated gas distribution business, the Tempo PPP project in France and the RiG electricity distribution network in Finland.

The fund’s latest acquisition was a 24 percent stake in Régaz, the French regulated gas distribution network, from Dalkia France.Régaz is France’s largest independent gas distribution company, which operates and services a network of 3,315 kilometers and 210,000 points of delivery in Bordeaux.

The Finnish investment was announced in November 2013. The sales price was €63 million ($86 million). It represents the firm’s first investment in Finland. The Tempo PPP project in France was acquired in July 2013.

The A8 motorway was acquired in May 2013 with joint venture partners BAM PPP and the Dutch pension fund service provider PGGM.

The firm’s first fund, InfraVia, closed in 2008 and is fully invested. It has approximately 12 assets in its portfolio. The vehicle focused on the European small- and mid-cap market, with an emphasis on brownfield projects able to generate short- to mid-term yield.

OFI InfraVia is a subsidiary of the OFI Group and is backed by French mutual insurance companies Macif and Matmut.

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