AMP makes European acquisition

Steps up region exposure

Christine St Anne

Wed 09 Jul 2008

AMP Capital has boosted its offshore investments after buying a stake in a Spanish distribution business and adding to its European infrastructure trust.

The investments include a 10 per cent share in the Spanish pipeline and storage business, Compania Logistica de Hidrocarburos (CLH) and increased exposure to its existing Strategic Infrastructure Trust of Europe (SITE).

The CLH deal was finalised by a consortium of investors that included AMP. Collectively the investors purchased 25 per cent of CLH for $1.4 billion.

CLH owns and operates 23 airport facilities in Spain including a 3,500 kilometre pipeline network.

AMP's investment in SITE included $1.7 million worth of units.

Established in 2005, SITE already has investments in UK train leasing firm Angel Trains, gas distribution company Wales and West Utilities, Central European energy company Nimble Hydro, Thames Water and airport operator BAA.

Both transactions were made through the AMP Capital Core Infrastructure Fund.

The fund includes investments in three infrastructure assets including the Australia Pacific Airports Corporation, aged care group Principal Healthcare Group and CLH.