AllianzGI, on behalf of its clients, is investing €433m in the senior debt of the A11 project, which involves the construction of a 12km motorway connecting the Port of Zeebrugge with the E40 and E34 roads in western Flanders.
The transaction, for which Jan de Nul and DG Infra are lead sponsors, is the first listed construction-phase project bond in Belgium and uses the EIB’s Project Bond Credit Enhancement facility. The final maturity of the bond is 31.5 years.
Over the past year, AllianzGI has completed eight infrastructure debt transactions across seven European countries, investing in infrastructure asset-owning entities with both contracted and regulated revenues, including projects at either the pre-construction or post-construction/operating stages of their life cycle.
Deborah Zurkow, CIO infrastructure debt AllianzGI said, “This important milestone provides concrete evidence that there is a real market opportunity for long term investors to secure an attractive yield via illiquidity premia and credit spreads while offering the reliability of an underlying real asset.
"As the market develops and matures we expect to see significantly more institutional investor interest, which will help meet society’s need for substantial infrastructure funding.”
In addition to the transactions completed, AllianzGI has a pipeline of investments either at the tender stage or close to completion.