John Laing Group ("John Laing"), a leading international investor and active manager of core infrastructure assets, today announced that it has acquired a portfolio of three assets (the “Portfolio”) from AMP Capital, the infrastructure manager of the Irish Infrastructure Fund (IIF). The transaction is expected to complete during 2023, subject to customary conditions. Terms of the transaction were not disclosed.
The Portfolio consists of the following:
- Convention Centre Dublin (“CCD”), Ireland’s only purpose-built convention centre with an 8,000-person capacity. The CCD has hosted over 2,000 events and won a total of 60 industry awards since opening in 2010. It is a 25-year availability-based public private partnership with the Irish Government’s Office of Public Works, (OPW).
- Towercom, Ireland’s largest independent telecommunications tower company, with a nationwide portfolio of 409 towers. Towercom has a well-diversified customer base of major mobile network operators committed under long-term inflation-linked contracts.
- Valley Healthcare, Ireland’s largest primary care centre (“PCC”) operator and developer, with 20 PCCs under operation across Ireland and a pipeline of new centres in development. Valley Healthcare leases all its assets to the Irish Health Service Executive, (HSE).
IIF was established by Irish Life Investment Managers in 2011, with funding from the Irish State and other Irish institutional investors, to invest in Irish infrastructure assets.
Jamie Christmas, Acting Chief Executive Officer and Chief Financial Officer of John Laing, said: “This acquisition, the largest single investment in John Laing’s history, enables us to scale and diversify our portfolio with three assets that enjoy strong market positions and limited correlation to economic cycles, all underpinned by long-term contracts. We are also excited by the chance to invest in Ireland, the fastest-growing economy in the eurozone and a country where we expect to see a pipeline of further investment opportunities.”
Philip Doyle, Principal & Fund Manager, AMP Capital, said: “IIF was established to support the Irish economy through investment into essential community and national infrastructure and services. We are pleased that through our active management of these businesses they have grown and prospered during our tenure and positively contributed to the development of Ireland’s tourism, healthcare and communications sectors. John Laing, with its experience in managing global infrastructure and PPP assets, represents a strong and stable new owner and will continue to provide essential services to Irish communities into the future. We wish the new owners and the management teams every success working together in the future.”
Patrick Burke, CEO, Irish Life Investment Managers said: “Irish Life is delighted with the performance of the Irish Infrastructure Fund which under the management of AMP Capital and ILIM has delivered on its mandate of strong realised returns for our investors while supporting infrastructure development in Ireland. We are pleased that these companies will benefit from being part of a large global infrastructure group and wish them every success in the future.”
John Laing was advised on the transaction by Evercore, Rothschild, Arthur Cox and Simpson Thacher & Bartlett.
AMP Capital and the Irish Infrastructure Fund were advised by Dentons, IBI Corporate Finance, Jefferies International Limited, Matheson and McCann Fitzgerald.
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