3i Infrastructure portfolip performing well

published 25 January 2012

3i Infrastructure, the company that invests in infrastructure projects worldwide, said its portfolio continues to perform well and is delivering a good yield.

Since the beginning of October 2011 the company has invested £194.8m on the acquisition of an electricity distribution and a district heating business in Finland from Vattenfall.

Realisation proceeds over the period total £35.9m from the sale of the Tldiffusion de France junior debt holding and from the repayment of the balance of the I2 vendor loan notes.

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The company's portfolio generated £14.0m of income in the group's fiscal third quarter. The company currently has £136.2m in its war-chest, down from £310.1m at the end of September 2011.

"We are currently focusing on bringing the Thameslink transaction to a financial close, and are developing the investment pipeline for the coming months," said Cressida Hogg, Managing Partner for Infrastructure at 3i Investments.

The company's net asset value (NAV) per share - a key indicator for investment companies - will be calculated after the end of the company's financial year, which runs to the end of March. The company expects to publish its full-year results in May. The results will be affected by number of market factors, including movements in the share price of Adani Power Limited (now the only quoted element of the portfolio) and foreign exchange fluctuations, most notably Indian rupee fluctuations, to which the company is exposed through its holding in the 3i India Infrastructure Fund.