Cezary Podkul
The city granted a Citi-led consortium two more weeks to agree on an extension of up to six months to reach financial close on the $2.5bn lease of the airport.
The City of Chicago is expected to give the investors up to six more months to reach financial close on their $2.5bn long-term lease of the Chicago airport. The investor group was originally targeting 6 April for financial close.
The social infrastructure investor has become the latest Babcock & Brown-managed fund to sever ties with the defunct Australian asset manager. It will also change its name to ‘International Public Partnerships Limited’, pending shareholder approval.
The first-of-its kind bid to lease an entire port’s operations for a $500m upfront cash payment and ongoing capital commitments has triggered a 120-day period during which the authority will accept competing proposals. Interest from competing bidders is said to be strong.
The Swiss alternative asset manager argues in a research report the Chicago airport is a ‘trophy asset’ that exacted a high premium at a time when listed infrastructure comparables are indicating much lower valuations.
Even if its satellite entities carry on, Babcock’s going into administration signals the firm’s official demise as a major force in infrastructure finance, writes Cezary Podkul.
The fourth PPP road project in the Canadian province would bring the road encircling its largest city 25 kilometers closer to completion. A final southwest portion of the road requires a land purchase from a neighboring first nation but is expected to be completed by 2015.
The reductions follow the 1,000 jobs that the Australian investment bank eliminated between September and January. Macquarie Capital Advisors lost the most staff, according to sources.
Ports America, a stevedore owned by Highstar Capital, beat our eight other competitors for a 50 year concession to improve and operate five berths at the California port, the US’ third busiest by container volume. The contract is the first of its kind for US marine terminals.
The world’s largest private manager of infrastructure assets said it will not buy further shares in its specialist listed funds. Macquarie shares hit a 10-year low amid speculation that the firm would have to raise capital amid mounting losses from investments in the funds.