Babcock & Brown tidies portfolio

Babcock & Brown Public Partnerships Ltd (BBPP) said it will acquire a portfolio of five investments from subsidiaries of Babcock & Brown for up to £49.8m (US$102m).

These acquisitions will take the number of investments in the BBPP portfolio to 30 and increase the geographical diversity of the portfolio, the internationally-focused public infrastructure fund said in a statement.

BBPP said all five projects in the portfolio are currently under construction and will become operational between 2008 and 2012.

The acquisitions will be financed from cash available for investment raised at the time of the company’s flotation. The company added that the cash raised is, as expected, now substantially invested prior to the end of 2007.