AMP Capital has made another infrastructure deal as it builds its global infrastructure portfolio.
But this time, the business is dropping a project – selling its share of Wales and West Utilities Limited (WWU) to a group led by Cheung Kong Infrastructure Holdings Limited.
The group has entered into an agreement to acquire WWU – a gas distribution business with approximately 35,000 km of gas distribution across Wales and South West England, subject to approval from the European Commission.
The company's share was held by its European flagship fund – the Strategic Infrastructure Trust of Europe, and the sale sees AMP Capital's total global assets now stand at US$6billion.
AMP Capital head of infrastructure Europe Boe Pahari said selling the company's stake was in the best long-term interest of investors.
"We continue to progress an active deal pipeline within a range of infrastructure sectors, consistent with our goal to further grow our infrastructure investment portfolio," he said.
Earlier this month, AMP Capital was selected to manage a global listed real estate mandate for China's National Council for Social Security Fund and acquired a stake in a portfolio of wind farms through its relationship with the Irish Infrastructure Fund.
In June, the business invested $22 million in Interlink Roads.
Cheung Kong Infrastructure Holdings has made a number of recent energy acquisitions, purchasing UK Northumbrian Water in October last year and a Canadian power plant facility in February last year.
