JSE-listed infrastructure fund seeks capital for next acquisitions
JSE-listed infrastructure investment holding company GAIA Infrastructure Capital has appetite for further funds for investments into energy, transport, as well as water and sanitation assets.
CEO Prudence Lebina tells Engineering News Online that the company, which invests only in operational assets, has already identified suitable targets across all three sectors and is aiming to finalise at least one transaction before the end of 2017.
In late 2016, the company completed its first transaction since listing in November 2015 when it acquired a 25.2% stake in the Dorper Wind Farm, in the Eastern Cape, for R501-million. The acquisition enabled GAIA to transfer its listing from that of a ‘Special Purpose Acquisition Company’ to the ‘Investment Services’ sector of the Johannesburg bourse.
Lebina, who is a chartered accountant by profession and has had extensive corporate finance experience in mining, energy and banking, says it is premature to comment on how much the company could raise this year. However, she confirms that there is investor appetite for the lower risk and stable return proposition offered by GAIA.
“By participating in the secondary infrastructure market, our objective is to provide investors with predictable and inflation-linked returns,” she explains, adding that the company targets investment returns of at least 6% above consumer price inflation.
GAIA’s investments also make it possible for asset owners and project developers to “monetise” their investments and to deploy that capital on future projects.
The company has identified a significant deal pipeline across water and sanitation, transport and energy and is also at an advanced stage of negotiations with some asset owners.
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