Copying and distributing are prohibited without permission of the publisher
HS1: High speed sale
22 November 2010
Read more:
[HS1]
[Channel Tunnel]
Borealis and Ontario Teachers Pension Plan won the 30-year HS1 own and operate concession, for the 68 miles of track running from St Pancras International to the Channel Tunnel, on 5 November, with a £2.1 billion ($3.35 billion) bid that was £600 million more than predicted.
The bid was selected ahead of rival offers from Eurotunnel, Goldman Sachs Infrastructure Partners and Infracapital; Morgan Stanley, 3i Infrastructure, Abu Dhabi Investment Authority; and Allianz/BT Pension/PSP Investments. Citi acted as financial adviser to the UK Department for Transport, UBS advised the seller, London and Continental R ailways (LCR), and the winning bidder was represented by Royal Bank of Canada and Lexicon Partners, with Linklaters as legal counsel.
The winners do not appear perturbed by the price. Stephen Dowd, senior vice-president from Ontafrio Teachers’ Infrastructure Group, says that HS1 “will provide stable inflation-protected returns from proven and long-standing patronage levels”.
The protected returns are...
Take a free website trial to read this article. It’s easy to get a trial – just follow this link or email info@projectfinancemagazine.com.
Or, if you’re a subscriber or have an active trial, simply log in below to read the article.
Subscribe
Subscribers have unlimited access to all current and archive content. Start your
subscription today - click on the button below.
Subscribe
Free trial
Taking a free trial will give you access to the latest news and analysis, as
well as the online deals database, BenchBase. Start your free trial today.
Free Trial