POWERED BY MOMENTUM MEDIA
IFM announces $500m Polish heating deal
Industry Funds Management (IFM) is set to become part-owner of the largest district heating network in the European Union through its stake in the Polish district heating business, Dalkia Polska.
Dalkia Polska signed an agreement to purchase 85 per cent of the heating network from the City of Warsaw for $500 million, with staff to hold on to the remaining 15 per cent.
The privatisation of district heating in Warsaw increases IFM’s investment in the sector to three out of the four major cities in Poland.
IFM head of infrastructure for Europe, Christian Seymour, said IFM was attracted to the project due to Poland’s strong economic fundamentals and the fact it will give investors greater exposure to a regulated and growing energy sector.
“This investment complements our existing portfolio and strategy of responsibly acquiring core operating infrastructure investments for the long term across Europe and North America,” Seymour said.
The deal falls on the one year anniversary of IFM’s increased investment in Dalkia Polska to 40 per cent.
The heating network in Warsaw is the largest in the European Union, with more than 1,700km of pipelines supplying 80 per cent of buildings in the city.
AUTHOR
Ashleigh McIntyre
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
