Deals, growth and navigating into the unknown
Inframation is pleased to announce the launch of the Infrastructure Investors Forum (IIF): Europe 2019.
At IIF Europe 2019, just eight weeks before Article 50 is invoked, we will consider growth strategies for late-cycle investments against an uncertain backdrop. Through expert viewpoints from industry professionals, we will aim to better inform the infrastructure community about how to sustain returns and create value. For funds, lenders and advisors, the programme will offer viewpoints from infrastructure owners and inspire where future M&A mandates may emerge.
Fears of a catastrophic impact from Brexit on the infrastructure sector have, by and large, failed to yet materialise. UK airports have benefited from passenger growth (changing hands at record multiples) whilst ports have experienced stronger exports on the back of weakened sterling. Yet the possibility of a general election or second referendum vote paints a complex picture before a final deal becomes clear.
Elsewhere on the continent, populism in Europe is fostering an uncertain policy climate in which to take investment decisions. Within minutes of the Morandi bridge tragedy cabinet ministers in Italy were calling for road maintenance concessions to be stripped; whilst the UK Labour Party aims to re-nationalise swathes of private sector utilities if it comes to power. As an infrastructure owner, taking a long-term view on how genuine a threat such rhetoric poses has taken on a new dimension.
Despite political risk, the market continues to hit new highs. Capital flowing into the asset class has outpaced previous peaks (over $60bn has already been raised in 2018) and assets are changing hands at ever-higher multiples.
At this year’s IIF Europe Forum, we’ll aim to understand the impact of increased competition for assets and growth strategies in an uncertain political environment. Through expert panels, we’ll ask investors how they will sustain returns from deals of the current vintage and give attendees a perspective on how infrastructure operators are navigating these challenges.
Join us in January 2019 to set the agenda for the year ahead.