Unlisted
GPT Joint Venture (GPT JV)
In February 2005, Babcock & Brown and General Property Trust (GPT) announced a strategic joint venture. The joint venture was formed to pursue real estate investment, trading, and development opportunities worldwide.
On 7 June 2007, a number of changes to the Joint Venture were outlined including the appointment of Babcock & Brown to manage the Joint Venture portfolio (Joint Venture Fund).
The book value of investments held and contracted at 30 June 2008, was $6.6 billion.
At 30 June 2008, the Joint Venture Fund comprised a portfolio valued at $6.55 billion.
Babcock & Brown European Infrastructure Fund
BBEIF is a wholesale infrastructure fund focusing on European based infrastructure investment opportunities.
The Infrastructure Division reached first close on BBEIF in May 2007 and final close with total commitments of €2.17 billion ($3.56 billion) in November 2007. Following the completion of the Angel Trains transaction in June and the Shere Group acquisition in July, BBEIF had committed uninvested capital of €1.3 billion ($2.1billion).
At 30 June 2008, total AUM was $3.6 billion.
Babcock & Brown Asian Infrastructure Fund
BBAIF is a wholesale fund established by Babcock & Brown in partnership with The Bank of Tokyo-Mitsubishi
UFJ, Ltd (BTMU) to focus on the growing number of infrastructure investment opportunities in the Asian
region including China, Hong Kong, India, Japan, Malaysia, Republic of Korea, Singapore and Thailand.
The Infrastructure Division reached first close on BBAIF in November 2007 raising US$400 million ($415
million) of capital.
BBAIF used part of the committed capital to acquire a strategic stake in Don Muang Tollway PCL, Thailand. At
30 June 2008, committed uninvested capital in the fund was US$304 million ($316 million).
UK Retail Property Syndicates
The Division has two closed retail property syndicates in the UK.
Foundation Property Fund raised £8.7 million ($18.0 million) from retail investors and reached close in May 2004. The fund’s strategy is to invest in UK real estate assets in the office, retail and industrial sectors. The fund can borrow up to 80% of the portfolio's gross asset value. The fund’s 10% return profile seeks to provide a balance between income and capital.
Viking Fund raised £5.2 million ($10.75 million) from retail investors and reached close in July 2005. The fund can borrow up to 90% of the portfolio's gross asset value. The fund is able to invest into any property sector and can also invest in corporate entities, debt instruments secured against property or any other real estate related investment. It can invest in both the UK and the EU countries of Europe. The fund’s 15% return profile focuses primarily on providing capital return to investors.
Babcock & Brown Infrastructure Fund North America
BBIFNA is a San Francisco-based wholesale infrastructure fund that owns and manages energy and infrastructure companies throughout North America.
The Infrastructure Division reached first close on BBIFNA in October 2007 and final close 23 October 2008. Total commitments of capital for investment in North American infrastructure is in excess of US$1.9 billion.
Investors in BBIFNA include public, employee and other pension plans and insurance companies located throughout North America and Europe. BBIFNA owns Trans Bay Cable, a 400 Megawatt high-voltage direct current electric submarine cable connecting the city of Pittsburg, California and San Francisco. BBIFNA also owns an interest in ICS companies, a leading operator of break bulk sea ports in Florida, Louisiana and Alabama. In addition, BBIFNA is a member of a Babcock & Brown consortium that owns the controlling interest (80%) of the Natural Gas Pipeline of America (NGPL) and partners with Knight Inc. (formerly Kinder Morgan) which also serves as the 20% partner and asset operator.