AMP Capital buys first asset in China
The AMP Capital Asian Giants Infrastructure Fund (AGIF) has acquired its first asset in China by taking an effective 19.11 per cent equity stake in the gas distribution company Qujing Gas.
AMP Capital global head of infrastructure Phil Garling said the company expected growth in the infrastructure sector — particularly since there were estimates of a global US$25 trillion gap in government infrastructure spending over 25 years.
“Fuelled by population and economic growth around the world, demand for private sector investment continues to increase,” Garling said.
AMP Capital, which has been investing in Asian infrastructure since 1994, expects its initial investment in Qujing Gas to increase to a total of US$20 million.
Recently, the fund secured its first UK public authority pension fund client and a Japanese pension fund investor, with commitments of approximately US$66 million in total.
AGIF’s final close is expected in the first quarter of 2011.
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