PIP acquires PPP portfolio

The Pensions Infrastructure Platform (PIP) has reached an agreement to acquire a portfolio of interests in 10 UK PPP projects.

The agreement between the PIP Multi-Strategy Infrastructure Fund and Aberdeen UK Infrastructure Partners includes deal is worth over £400m.  

The portfolio includes hospitals, highways operations and maintenance contracts, energy from waste projects including the Severn Energy Recovery Centre, and social housing. PIP will manage the interests directly. 

Mike Weston, chief executive of PIP, said: “This transaction is a milestone for PIP, taking us close to £750m of assets under management just 18 months after the launch of our first fund. It demonstrates that it is possible for a group of UK pension schemes to collaborate to make long-term investments in infrastructure.”