the infrastructure investments are considered to be solid. The construction of roads or rail routes, the economic activity is comparatively independent. To other state Agencies interested in these projects if not involved, at least. This provides with a view to the implementation, completion and commissioning of a degree of protection .
Martin Hock
editor in the economy.
F. A. Z.
Not just because of the size of many projects the Invest for private investors, however, is not easy. It is therefore more likely to be a domain for actively managed investment funds. Claire Smith, for example, long years was employed by the Australian Bank Macquarie, which is one of the most renowned participants in the market. In the meantime, she’s been more than a year with the British company Schroders for infrastructure financing responsible.
company projects
launched at the Time, Schroders Fund-the first Fund for infrastructure financing – a loan Fund, with a focus on subordinated loans in the infrastructure sector. The company is financed through its funds, a number of companies that are in different countries and areas. “We Finance businesses and projects,” says Smith, “For if we would support the construction of petroleum deposits, we are caught in the economic cycle for commodities.”
this is Why it is normally a project Portfolio within a company, and this on an international level. In Germany we have financed, among others, ferries, or services related to highways. In France, there was a stretch of construction of the Express train, elsewhere, there are telecommunications networks or airports. Whether globalization, urbanization or climate change – the big issues of the time would need for investment.
“In Germany the political Situation is very good”
Depending on where and what it is to be financed, the return expectations are very different. “With equity investments in the developed countries, for example, eight to 12 percent return you can achieve,” says Smith. With loan financing, however, it will be about 3 percent for a good credit rating in the Euro, weaker credit ratings, a 5 to 6 percent.
the Background is always a different risk-return profile, wherein the risk is mainly of a political nature: “In Germany the political Situation is very good. The yields are less than one percent, rather modest.“ It’s different with renewable energies in Spain or Italy – that’s the higher risks, the return expectations are on the rise.
