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GLOBAL - 3i Infrastructure raises fresh funds

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Despite the current sombre economic backdrop, 3i Infrastructure has launched a £114.6m new share issue to increase its warchest for investing in global infrastructure assets. The firm is issuing just over 108 million new shares at a price of 106 pence per share.

The fundraising comes on the back of strong performance of the Jersey-based fund: it had aimed to return 12% of shareholders’ equity in the first year, but exceeded this to return 13.1%. The cash-generative nature of infrastructure assets is believed to insulate the asset from the worst of the credit crunch.

3i Infrastructure raised £703m last March when it listed, propelling it into the FTSE 250. Since then the investor has committed £613m, or 88%, of net proceeds from the listing.

Citi is acting as sole sponsor, sole bookrunner and sole broker to 3i Infrastructure.

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