APG Asset Management to Acquire Renewable Energy Assets in Europe from DIF Infrastructure II

Published: Jul 13 2017
Deal Summary

APG Asset Management NV, a an asset management firm, acting on behalf of pension fund ABP, has agreed to acquire renewable energy assets across Europe and the UK from DIF Infrastructure II, an investment fund managed by DIF.

DIF II was launched in October 2008 with a 10-year life to invest in infrastructure projects. The fund reached a final closing in July 2010, with EUR572 million (USD654.5 million) of committed capital and made 58 investments; of which 10 investments have already been realized. The remaining portfolio includes investments in hospitals, schools, government accommodation, roads, solar and wind projects. The transaction comprises 48 PPP / PFI and renewable energy assets across Continental Europe and the UK.

Following a competitive bidding process, APG Asset Management was selected as the preferred bidder for the acquisition of the whole portfolio of DIF II and the cross-shareholdings of DIF III. As part of its bid, APG requested DIF to continue to manage the portfolio through a new investment vehicle, with a term of 25 years.

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