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When PFI/PPP transactions complete construction and pass into their operational phases, the original equity (and subordinated-debt) investors often look to recycle their capital in order to reinvest in new primary transactions or to realise investment value. Alongside this maturing market, new investors in PFI/PPP projects have emerged such as infrastructure investment funds and indirectly pension funds. These investors are attracted by the reduced risk profile of PFI/ PPP infrastructure assets and by the long term, stable profile of investment returns generated, which are often index linked.
As a result there is now an active trading market for equity and investment products within the sector, whether by disposal, acquisition, portfolio creation, securitisation or market reinvestment.
DWPF has worked with clients on equity and investment disposals, analysing and often rebuilding financial models to assess investment value. This includes valuations under various scenarios and preparation of information documentation required for sales processes. We have also organised bidding processes in a manner to ensure competitive tension is maintained, whilst highlighting areas of important value in the transaction to potential investors. This approach, combined with DWPF’s knowledge of investors in the market, can help clients maximise investment value for their assets.
DWPF has also advised purchasing clients on valuation of PFI/PPP assets, given specific bidding criteria and return constraints. This process involves detailed analysis of the financial model and documentation to uncover potential areas of value that may not be recognised by others, advice on bidding strategy to enhance clients’ chances of acquiring assets, and to perform financial due diligence once preferred bidder status has been awarded.
In addition to individual transactions, DWPF has advised clients on portfolios of assets, in both a buy side and sell side capacity. We have also provided initial investment and options appraisals, advice on securitisation of income streams, and more general project management services.