The Pensions Infrastructure Platform (PiP) has agreed to buy a portfolio of interests in 10 public-private partnership projects.
The infrastructure investment manager for pension funds paid more than £400m for the assets from Aberdeen UK Infrastructure Partners.
This is PiP’s sixth acquisition since it started trading 18 months ago and was completed through the PiP Multi-Strategy Infrastructure Fund.
The portfolio includes of hospitals, highways operations and maintenance contracts, energy from waste projects and social housing.
PiP chief executive Mike Weston described the deal as a milestone in that it takes the manager to £750m of assets under management just 18 months after launching its first fund.
“It demonstrates that it is possible for a group of UK pension schemes to collaborate to make long-term investments in infrastructure,” he added.
“Our buy and hold investment strategy, together with our cost efficient and responsible approach to asset management, ensures that maximum value is delivered to pension scheme investors and their members.
“These projects deliver vital facilities from which essential public services are provided to many thousands of people in England and Scotland. We are looking forward to working closely with the public-sector owners over the next 20 to 30 years to ensure these facilities are maintained and operated to the highest possible standards.”