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Macquarie infrastructure fund beats forecast

Macquarie International Infrastructure Fund, a Singapore-listed investment vehicle, is paying 3.95 cents a share dividend after its half-year earnings beat forecasts.

Macquarie International Infrastructure Fund, a Singapore-listed investment vehicle, has reported an interim net income of S$45.6 million ($29m; €22.56m) for six months to June 30, beating prospectus forecasts by 14 percent.

The fund will pay a dividend of 3.95 Singapore cents per share from its operating cash flow for the first-half of 2006 to investors on September 13, the company said at a press briefing August 7.

Macquarie’s fund listed in May 2005 with S$803 million of capital, and raised a further S$435 million in November last year. It has made three investments: taking a 38 percent stake in a Chinese port, a 55% interest in a Canadian aged care facility in Ontario, and an 100 percent direct interest in eight tank storage sites in Germany.

Together, the three investments make up 29.8 percent of the portfolio of 11 assets.

Asia infrastructure exposure in the portfolio is relatively small at 23 percent, but Gavin Kerr, incoming chief executive officer of Macquarie Infrastructure Management Asia, says this will change in response to calls from investors who want greater exposure to Asia.

It will focus on Asian opportunities in the next three to five years, with a target to raise the proportion of investments in the region to more than 50 percent.