• 08:00

    REGISTRATION & NETWORKING BREAKFAST

  • 08:50

    INFRAMATION WELCOME

    Brendan  Malkin
    Brendan Malkin
    Editor Europe, Inframation News
  • 09:00

    FIVE CHARTS ON INFRASTRUCTURE M&A

    Inframation Deals Head of Research reveals some of the key trends to watch in the market.

    Dermot  McCloskey
    Dermot McCloskey
    Head of Research, Europe, Inframation Deals
  • 09:15

    OPENING KEYNOTE PRESENTATION: THE GLOBAL ECONOMY IN THE YEAR AHEAD

    Geopolitical risk steadily increased throughout 2018, dampening appetite for cross-border M&A. National regulators put foreign
    investments in strategic sectors under greater scrutiny, causing the lines between national security and economic security to become more blurred. The tussle for Abertis between Atlantia and ACS, one of the largest ever deals in the European Infrastructure Sector, led the Spanish government to intervene
    in an effort not to see a corporate heavyweight fall into foreign ownership. Heightened rhetoric around trade wars has added to the list of potential threats to the global economy in a year when interest rates began to rise from unprecedented lows.

    In this opening presentation, our keynote speaker will outline their views on the three global risks facing the economy.

    • Outlook for interest rates
    • Escalating rhetoric around trade wars
    • The march of European populism

  • 09:40

    OPENING PANEL: NAVIGATING RISK IN EUROPEAN BROWNFIELD IN 2019

    The looming prospect of a no-deal Brexit had an almost paralysing effect on investors in the UK in 2018, with the sharpest decline in fundraising since the turn of the century. But the overall direction of infrastructure fundraising across Europe and indeed the world was still up as enthusiasm for the asset class continued. There have been other things to worry about. Asset prices have seemed particularly toppy in recent years, driven by the low interest rate environment and enthusiasm for the sector and leading to the creation of mammoth platform-style deals to meet their return targets, such as JP Morgan’s Sonnedix deal and GIP’s recent port and utility deals. This has left a gap in the market for PPP investors to buy core infrastructure, while private equity investors are targeting sectors less affected by disruptive forces such as technology advances.

    How is the macro outlook affecting infrastructure investment? A panel of investors responds to the opening presentations with views on how they are positioned to mitigate risk and capture opportunities against a challenging backdrop.

    • Does Brexit mean that international investment in UK infrastructure is “dead”?
    • Will political upheaval in Europe lead to a similar adjustments in fundraising and investment strategy?
    • How has economic protectionism affected the regulatory environment for infra investment?
    • How prepared is the sector for a higher interest rate environment?

  • 10:25

    KEYNOTE PRESENTATION: NORTHEN IRELAND UTILITY REGULATOR

    • Regulation in a period of energy transition
    • Northern Ireland experience of the investment environment and infrastructure developments
    • Incentives for investors under the new pricing regime

  • 11:15

    PANEL DISCUSSION: BUILDING A UTILITY OF THE FUTURE

    Utilities are experiencing huge changes, driven largely by an evolution in energy supply and demand. The proliferation of renewables has created uncertainty of supply, which in turn has driven the need for short-term and seasonal storage. Grid operators also have had to change fundamentally the way they operate. They must now be able to handle thousands of connection points linked to everything from a huge power
    station to a tiny roof-top solar plant.

    Electricity demand meanwhile is growing exponentially. But all this is just the start. Utilities are having to innovate to keep up  with regulatory requirements for reduced carbon dioxide levels and to manage growing demands. Owners of water, gas and electricity companies also need to become more focused on service provision than ever before. Meanwhile, regulators are demanding more from utilities whilst reducing the amount their owners can earn.

    • Do you agree that despite regulatory pressure and utilities being core infrastructure, returns remain healthy for the sector?
    • What regulatory pressures are you facing and how are you handling them?
    • How are you using innovation to help grow your businesses and outperform regulator assumptions to bolster returns?
    • How are utilities adapting their electricity grids so they can co-exist alongside new telecom networks?
    • How are utilities responding to the growing supply of gas from Europe, and what are the future opportunities for the sector?

    Christophe  Bordes
    Christophe Bordes
    Managing Director - Co-Head of Power, Utilities & Infrastructure, Societe Generale Corporate & Investment Banking
  • 12:00

    TALKING POINT: OPPORTUNTIES IN DIGITAL INFRASTRUCTURE

    In this session, Mirova’s Head of General Infrastructure Funds, Gwenola Chambon and Infracapital’s Co-Founder and Director, Ed Clarke will discuss how investing within digital infrastructure has evolved and the opportunities for in investors in the future.

    Talking points will include:

    • How did you first encounter digital infrastructure as an investable part of the asset class?
    • What is the definition of digital infrastructure?
    • What changes have occurred to make digital infrastructure an investment which fits more neatly into classic infrastructure mandate?
    • To what extent is digital infrastructure a risk free investment proposition?
    • How has “full fibre” become investable?
    • Where will developments in digital infrastructure next take investors?

  • 12:20

    NETWORKING LUNCH

  • 13:20

    KEYNOTE PRESENTATION: BUILDING BENCHMARKS FOR INFRASTRUCTURE INVESTORS: HAVE WE REACHED PEAK INFRA?

    Using 20 years of data EDHECinfra shows how infra valuations have changed and identifies the factors that drive prices.

  • 13:40

    PANEL DISCUSSION: NON-CORE ASSETS

    As the quest for value intensifies, the spectrum of opportunities in which infrastructure funds can invest has broadened significantly. In recent years, GPs have put capital to work in non-core opportunities such as laundry, funeral, truck leasing and now even salmon fishing businesses under an infrastructure mandate. The terminology that has been introduced to help investors understand the risk profile of portfolio deals now extends from super-core to PE-lite, but its application remains inconsistent and the parameters are the subject of much debate.

    In this session, we ask infrastructure investors to discuss the rise of non-core as an investment opportunity, how the risk tolerance changes across the different definitions and where the boundaries lie.

    • Is there a consensus view on the different definitions used to describe core versus non-core?
    • How do LPs use these definitions when evaluating allocation to different funds?
    • Is the traditional definition of infrastructure as an essential service with low barriers to competitive entry and a predictable government-backed yield still relevant?
    • How do investors justify calling “infrastructure” investments which do not have classical infrastructure characteristics?
    • Has this redefinition been a positive or negative development of the industry and its clients?
    • At one end of the scale, where infra funds compete with private equity in an auction, how do they differentiate themselves versus other potential buyers?

  • 14:25

    PANEL DISCUSSION: THE GROWTH OF THE CAR PARK

    New technology and changing attitudes to urban mobility is pushing the parking industry into new territory. By 2030, some estimates put the market share of electric vehicles at 50%, with 16 million shared cars on the road. Car park investors have been keen to get in on these growth trends, especially in China. Businesses are being realigned to focus on either infrastructure or business services, which has accelerated M&A activity. We discuss with a company executive and car parks investor about the opportunities for the sector in the face of this disruption.

    Michael  van der Beugel
    Michael van der Beugel
    Managing Director, Macquarie Capital
    Philippe Op De Beeck
    Philippe Op De Beeck
    Chief Executive Officer, APCOA Parking
  • 14:55

    PANEL DISCUSSION: PORTS - CREATING VALUE IN A CROWDED CORE INFRA MARKET

    As one of the core areas of the asset class, ports and their related infrastructure have long been a favored investment target. And in Europe the sector has been particularly active with the Brookfield, Antin and Arcus’s sale of liquid, bulk and breakbulk specialist Euroports drawing interest from CVC and
    DWS, Macquarie selling its deepwater container concession DCT Gdansk and DWS planning the sale of its 37.5% stake in
    the Port of Lubeck further along the Baltic.

    But each of the assets in the ports sector presents a different set of opportunities and risk which are difficult to approach as a homogenized asset group. The Euroports offer for example is complicated by the group’s exposure to a Chinese market that already has multiple points of entry whereas DCT Gdansk benefits from ultra-large container vessels shipping goods between Europe and Asia but is also facing competition from other operators with port assets in the region such as the GIPbacked Terminal Investment.

    A panel of experience port operators and their financial backers and investors in the sector will discuss current and future opportunities and how their strategies for these assets to make them more competitive and efficient in the every more
    competitive market of international trade.

    • What are the factors driving interest in the European ports sector and how does this compare with similar assets in other part of the world?
    • How can owners of port assets maximize their returns in the current market?
    • What will the port sector look like to investors in five to ten years’ time?

    Colin Smith
    Colin Smith
    Partner, PwC
    Tim  Mawhood
    Tim Mawhood
    Leader, UK, Europe and Middle East, GHD Advisory
  • 15:40

    AFTERNOON REFRESHMENTS & NETWORKING BREAK

  • 16:10

    PANEL DISCUSSION: OPPORTUNITIES FROM LIBERALISATION IN EUROPEAN ROLLING STOCK

    While there has been much Brexit-related gloom around UK focused infrastructure investment, there has still been activity in the rolling stock sector. Among the most prominent deals of the year was Japan Infrastructure Initiative, Dalmore Equitix and Rock Rail forming a consortium to buy Hitachi’s 30% stake in the rolling stock contract for Phase 1 of the country’s Intercity Express Programme. 3i Infrastructure’s ongoing sale of its 33.3%
    stake in the rolling stock programme for London’s Thameslink passenger rail franchise has attracted interest as has Transport for London’s sale and leaseback of rolling stock to be used on the Elizabeth Line. Other investors, like Rock Rail and Aberdeen Standard, are looking further afield and joining forces to take advantage of the rolling stock opportunities which are likely to emerge on the continent as a result of the Fourth Railway Package, which comes into effect later this year (2019).

    But while rolling stock has earned its popularity with classical infrastructure investors for its long-term stable returns, the sector’s coming of age is producing new challenges. A particular issue almost unique to the UK in the developed world, has been government plans to phase out traditional diesel trains while investors must also consider how the success of some projects like the IEP could adversely affect usage of rolling stock for
    others and so dent returns.

    Listen to a panel of rolling stock investors, lenders and operators discuss the dynamics of the UK and European rolling stock markets and highlight where this year’s challenges and opportunities will arise.


    • To what extent has the shadow of Brexit affected international interest in UK rolling stock?
    • Has the level of competing rail projects now created a level of market risk which undermines rolling stock’s “core infrastructure” status?
    • How open will European rolling stock markets really be in the wake of the Fourth Railway Package and what particular challenges and opportunities will this present?

    Nick  Bliss
    Nick Bliss
    Of Counsel, Chatham Partners
  • 16:50

    CLOSING REMARKS

  • 17:00

    NETWORKING COCKTAIL RECEPTION