Activity in the sector is driven increasingly by investors, particularly pension funds and specialist infrastructure-focused funds.
Investors’ and financiers’ financing needs have led the industry to depart from standard, commoditised financial products and to develop new and more creative ways of parcelling assets together.
Investor appetite for infrastructure assets providing a long term steady revenue stream is high, partly to balance portfolios and partly because of the economic downturn. As well as investment activity in the secondary market and regulated utilities by means of acquisitions, restructurings and refinancing, the economic downturn looks to be leading to an increase in new build activity as governments around the world are looking to boost investment in infrastructure projects to help employment and economic activity levels.
Banks, investment funds, construction companies and governmental clients benefit from Linklaters’ market leadership in many jurisdictions in project financing, M&A corporate, capital markets and the full range of finance products. The sheer breadth of practice means there is a sharing of experience and constant exchange of ideas between specialists, in many instances across geographies, which keeps creativity and a willingness to innovate high.
Linklaters’ infrastructure and construction experts advise on much of the world’s most interesting and complex infrastructure work. Clients need constantly to innovate and find new ways to invest in infrastructure. Linklaters pioneers new forms of financing, to help them stay ahead of the market, as well as new forms of governments and multilateral lenders interventions.
Contact us
To discuss legal issues with Linklaters’ global construction and infrastructure team, please contact sector leaders Ian Andrews, Stephen Griffin or Paul Lignières.
Find out more about Linklaters’ construction and infrastructure capabilities from sector manager Graeme Parrott on (44 20) 7456 3785.
Recent infrastructure and construction transactions include advising:
- National Grid on the sale of its wireless infrastructure business to Macquarie for £2.5 billion
- ACS on the purchase of a 25.08% stake in Hochtief
- ACS’ subsidiary as sponsor in a €610 million lease financing of a unit for processing waste to be built in Fos-sur-Mer (near Marseille), considered as the largest environmental PPP project in France
- US and Canadian container terminals: advising the Mandated Lead Arrangers on the financing of Ontario Teachers' Pension Plan's US$2.35bn acquisition of four marine container terminals in New York, New Jersey and Vancouver
- ASFINAG, the Austrian state authority granting the concession, on the €945 million financing of the A5 toll road around Vienna
- RREEF Infrastructure: acquisition of 49.9 per cent of Peel Ports
- London City Airports: acquisition by a consortium, made up of AIG and Global Infrastructure partners, a joint venture between GE Capital and Credit Suisse
- Saur Group, third major French water supplier: €2.25 billion acquisition by a consortium, made up of AXA Infrastructure Investment, Caisse des dépôts et consignations, and Séché Environnement
- Hastings Infrastructure Fund: £665 million secondary buy-out of South East Water
- Aéroports de Paris: privatisation and €1.4 billion initial public offering of one of Europe's leading airports
- The EIB in relation to the structuring and drafting of standard form documentation for the "LGTT" loan guarantee instrument, a joint EU/EIB financing instrument to support traffic based financings for Trans European Network (TEN) transport projects
