Core infrastructure
Our core infrastructure investment philosophy centres on our belief that infrastructure is a long-term asset class capable of delivering attractive, consistent returns to investors.
Risk warning
The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not a guide to future results.
Our approach
Philosophy
Our core infrastructure investment philosophy centres on our belief that infrastructure is a long-term asset class capable of delivering attractive, consistent returns to investors. Our approach is focused on:
- developing a long-term fund structure which is aligned with investors' objectives.
- creating a portfolio of mid-market core/core+ infrastructure investments.
- recognising the importance of effective asset management and stakeholder engagement.
- clearly defining what constitutes core infrastructure within our target return range.
Strategy
- lower to mid-market assets in less competitive areas of the market.
- assets which provide essential services and have predictable cashflows.
- regulated assets or assets with a strong, contractual framework.
- lower risk assets that require limited operational development.
- majority stakes or minority interests where we have appropriate governance rights.
Investors
Our investor base spans both public and corporate pension funds, insurance companies and family offices across the world.
Core infrastructure portfolio
Nordic Power
In June 2015, we acquired 100% of Nordic Power AS, a portfolio of 13 newly commissioned hydropower plants from Nordkraft, a Norwegian utility controlled by the Narvik Municipality. Since acquisition, we have added an additional two plants to the portfolio, taking the total projected annual output to 160 GWh.
Key attractions:
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Attractive return and yield profile
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Core, power generation asset
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Proven technology, low operating risk and long asset lives
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Exclusive option over pipeline of new plants.
Sector: energy
Subsector: hydro
Geography: Norway
Ownership: 100%
Rock Rail
Rock Rail Moorgate
Acquired February 2016. 25x6 carriage electric Siemens trains, serving Great Northern franchise Moorgate commuter lines, operated by Govia Thameslink Railway. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.
Sector: transport
Location: UK
Ownership: 94%
Rock Rail East Anglia PLC
Aquired October 2016. 20x12 carriage electric Stadler trains, 24x4 and 14x3 carriage bi-mode Stadler trains serving the InterCity, Stansted Express and Regional lines of the East Anglia Franchise, operated by Abellio. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.
Sector: transport
Location: UK
Ownership: 48%
Rock Rail West Coast
Aquired December 2019. 10x7 carriage electric Hitachi trains and13x5 carriage bi-mode Hitachi trains serving the West Coast Partnership Franchise, operated by First Trenitalia. Long term profile secured through lease arrangements with strong contractual obligations. No volume risk, no financing risk, inflation linkage and yield from day one.
Sector: transport
Location: UK
Ownership: 94%
Auris Kaasunjakelu Oy
Key attractions:
Sector: utilities
Subsector: gas distribution
Geography: Finland
Ownership: 100%
Noordgastransport
Sector: energy
Location: Netherlands
Ownership: 18% / 20%
Oikos
Aquired May 2019. Owner and operator of a state-of-the-art liquid bulk storage terminal located on the River Thames Estuary offering c.300,000 m3 tank capacity and unique access to pipeline connections, deep-water jetty and road loading facilities. Oikos currently handles jet fuel and diesel, and is critical to supplying jet fuel to Heathrow, Gatwick and Stansted airports and diesel to the South East and Midlands of the UK.
Sector: energy
Location: UK
Ownership: 100%
Riihimäen Kaukolämpö Oy
Aquired February 2019. Riihimäen Kaukolämpö Oy is the owner and operator of the district heating network in the in the City of Riihimäki and the surrounding areas. Riihimäki is a rapidly expanding “commuter city” located within 100km of Helsinki and Tampere, two of the most economically vibrant regions in Finland. The length of the network is 98.5km across the Riihimäki area and there are currently 739 clients connected to the network.
Sector: energy
Location: Finland
Ownership: 49%
Unitank
Aquired May 2019. UNITANK is a market leading independent infrastructure and services provider storing liquid oil products on behalf of strategic storage agencies and Oil & Gas majors. The company owns and operates five terminals in Germany and one terminal in Belgium, all in key strategic locations.
Sector: energy
Location: Germany / Belgium
Ownership: 50%
LOIMUA
Aquired Juy 2019. Loimua primarily owns and operates 640MW of heat production capacity and 16 district heating networks across Central and Southern Finland. The networks cover c.500km and c.4,600 supply points.
Loimua produces DH and electricity, and sells and distributes district heating and natural gas in Häme, Central Finland, Northern Ostrobothnia and Heinola.
Sector: utilities
Location: Finland
Ownership: 37.5%
Polish Solar
Aquisition began Q3 2019. 351 MW of ground-mounted solar photovoltaic farms spread between seven operational (Aurora I, II & III, Helios I & II, Eos, Ra) or being developed projects by local developers. Construction of first farms completed in mid-2018 with balance coming online by Q1 2021. Revenue underpinned by 15-year guaranteed tariff under Poland’s newly introduced contract for difference regime.
Sector: energy
Location: Poland
Ownership: 100%
Airband
Acquired in November 2020, Airband is a provider of rural connectivity services in the West of England, historically through Fixed Wireless Networks (“FWA”). Since 2018 the business has pivoted towards providing Fibre to the Premises (“FTTP”), driven by UK Government led initiatives including subsidies, to promote significant investment in fibre infrastructure for rural areas and is targeting 675,000 homes passed by 2025.
Sector: telecomms
Location: UK
Owners: 27%
Outokummun Energia Oy
Aquired December 2020, Outokummun Energia primarily owns and operates a regulated electricity distribution network, a district heating network and a small retail business in the City of Outokumpu, in Eastern Finland. The networks cover a combined length of 1,030km and approximately 5,280 electricity distribution and 4,260 energy customers. Additionally, Outokummun Energia owns and operates 50MW of heat production.
Sector: utilities
Location: Finland
Ownership: 66%
Key documents
Meet the team
Dominic Helmsley
Head of Core Infrastructure
Meet the wider team
Core Infrastructure
We have a large and experienced team of infrastructure specialists.
Click here to meet the full team