6 February 2020  |  London

DIF Capital Partners sells portfolio of UK PPP assets

DIF Infrastructure III (“DIF III”) and DIF Infrastructure IV (“DIF IV”) are pleased to announce the sale of their stakes in a portfolio of eight UK PPP assets to Equitix, a UK-based infrastructure fund manager.

The portfolio includes significant stakes in the following operational PPP projects: North Kent Police Headquarters, Worcester Library & History Centre, Yorkshire Housing, Grove Village Housing, Stanhope Housing, Leeds Streetlighting, Newcastle & North Tyneside Streetlighting and Stoke Streetlighting.

Andrew Freeman, Head of Exits, said: “This transaction represents a good result from an efficient process for both DIF III and DIF IV. The sale of these assets continues our strategy of selling optimised assets from our more mature funds.”

DIF was advised by Herbert Smith Freehills (legal).

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

15 January 2020  |  Sydney

DIF Capital Partners to invest in South Australian Schools PPP

DIF Capital Partners (“DIF”) is pleased to announce that the TESA Education consortium, comprising DIF Infrastructure V, Tetris Capital, Sarah Construction and ISS Facility Services, has reached financial close on the South Australian PPP Schools (“SA Schools”) project in Adelaide, Australia.

The SA Schools project involves the design, build, finance and maintenance of two new schools located ~40km north and south of Adelaide, respectively. Both schools will accommodate 1,500 students and will cater for an additional 100 students with learning difficulties. The schools will include community hubs, performing arts centres, gyms, sporting facilities, libraries and entrepreneurial hubs.

The availability-based project with the AA+ rated South Australian Department of Treasury and Finance has a tenor of 30 years, including a 28-year operational period.

Design and construction works will be undertaken by Sarah Construction and the facilities will be maintained by ISS Facility Services. Both schools are expected to open before the start of the 2022 academic year.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to invest in this new schools project, which will provide modern educational facilities in fast-growing regions of the South Australian community and thereby contribute to the socioeconomic development of the region.”

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

10 January 2020  |  Paris

DIF Capital Partners agrees to sell a portfolio of French PPPs

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has agreed to sell a portfolio of eight operational PPPs in France to 3i European Operational Projects Fund.

The portfolio consists of significant shareholdings in three educational facility projects, one multimodal train station project, one fire station project (consisting of 12 fire stations), two prison projects (consisting of three prison facilities each) and one sewer project. The projects are operational under availability-based and long term contracts, with the exception of the sewer concession project, and are all backed by strong public counterparties. Six of the eight projects were developed and acquired by DIF III as greenfield projects, and have been successfully managed into stable operational projects during DIF’s ownership.

Andrew Freeman, Head of Exits, said: “We are pleased with the sale of the portfolio that was successfully optimized throughout the life of the assets and exited via a competitive portfolio sales process. The sale represents a further underpinning of DIF’s long standing track record in the French infrastructure market and is an attractive exit for DIF III.”

DIF was advised by KPMG (M&A, Tax & Accounting), Allen & Overy (Legal) and Currie & Brown (Technical) and Egis (Technical for the sewer project).

Closing of the transaction is subject to receipt of certain customary project-counterparty approvals and antitrust consent.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

2 October 2019  |  Schiphol

DIF Capital Partners’ investment in Irish Schools PPP project successfully completed

DIF Capital Partners (“DIF”) is pleased to report that the construction of the Irish Schools PPP Bundle 5 project (the “Project”) has been successfully delivered. The comprehensive restructuring was required due to the liquidation of the project contractor Carillion in 2018, which initially led to a standstill of the construction of the new school facilities and uncertainty for many students.

Carlow Campus, including Tyndall college and the institute of Further Education are the last facilities in the Project that opened their doors to students for the start of the new school year. This marks the successful completion of all six facilities within the Project. The other facilities became operational in Q3 2018 and Q2 2019.

The Irish Schools PPP Programme, procured by the National Development Finance Agency (“NDFA”) on behalf of the Department of Education & Skills (“DoES”), represents a major investment in education infrastructure through the delivery of new, state-of-the-art education facilities by way of public private partnership (“PPP”) arrangements. The Project delivered five replacement schools and one replacement Institute of Further Education that will be used by DoES as a template for other projects as a centre of excellence.

DIF had previously confirmed its longstanding commitment to the Project by appointing Omagh-based Woodvale Construction (“Woodvale”) as a replacement contractor in June 2018, following the liquidation of Carillion, a UK construction company and DIF’s original co-shareholder in the Project. This built on Woodvale’s experience in projects to deliver education facilities. Integrated facilities management services and life cycle provisions are provided by Sensori Facilities Management, a joint venture of John Sisk and Son, one of the largest Irish construction companies, and Designer Group, the Dublin-based international electrical and mechanical engineering business.

DIF was able to proceed with the Project and to successfully deliver it due to constructive cooperation and negotiations between all stakeholders. This will secure education in all new facilities over the next 25 years.

About DIF Capital Partners

DIF Capital Partners (“DIF”) is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in construction and operational infrastructure assets, that generate stable and predictable cash flows, located in Europe, Americas and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

21 December 2017  |  Sydney

DIF acquires Australian Student Accomodation concession

DIF is pleased to announce that DIF Infrastructure V has acquired a 30 year Purpose Built Student Accommodation (“PBSA”) concession from the University of Tasmania in Australia.

The University of Tasmania is the only university in the Australian state of Tasmania. Under a 30 year concession, DIF as a sole equity sponsor, will operate and maintain a portfolio of approximately 1,800 existing beds across 10 PBSA facilities.

In addition, DIF has a right of first offer for any new PBSA builds, representing a positive long term relationship and pipeline with the University.

Tetris Capital was financial adviser to DIF in relation to this transaction and Corrs Chambers Westgarth acted as legal adviser.

Marko Kremer, DIF’s Head of Australasia added: “DIF is proud to have entered into this partnership with the University of Tasmania to support their academic and educational pursuits.”

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €4.6 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.

The majority of DIF’s funds, including DIF Infrastructure V, target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects.

DIF CIF I targets small to mid-sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid-term with highly rated entities.

Both strategies targets both greenfield and brownfield projects in Europe, North America and Australasia.

DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Paul Nash, Partner
Email: p.nash@dif.eu

Allard Ruijs, Partner
Email: a.ruijs@dif.eu