IFM News

IFM International Infrastructure - Dalkia polska

Posted by IFM on 26 July 2011


IFM is pleased to announce that Dalkia Polska, a portfolio company in the IFM International Infrastructure Fund, has signed an agreement to invest in the Warsaw district heating network, following the privatisation of an 85% stake by the City of Warsaw.  This is the largest district heating network in the European Union and will make Dalkia Polska the pre-eminent district heating provider in Poland, covering three of the four largest cities.  The privatisation is subject to final approval by the City Council of the City of Warsaw and the European Commission, and is expected to reach financial close in the last quarter of 2011.

This transaction demonstrates IFM's strategy of acquiring core, regulated, long-term infrastructure companies in regions with strong economic fundamentals.  Poland has shown resilience during the economic downturn and is expected to outperform its peers in Europe with forecast GDP growth of 4%. Today's announcement follows from our original investment in Dalkia Łódź in 2006 and our investment in its parent company, Dalkia Polska, in July last year.  

The Warsaw district heating network is regulated and its services cover the production, transmission, distribution and sale of heat.  Dalkia Polska intends to invest in modernising the existing network and develop new connections, providing IFM with a solid investment with significant upside potential for our investors. 

The transaction will utilise the Dalkia Polska balance sheet to finance the proposed investment. As a result we do not expect to draw down any client commitments to fund the transaction.

For a copy of the media release distributed by IFM please click here.

If you would like further information, please contact:

Eddy Schipper
Executive Director, Business Development
Phone: +61 (0)3 8672 5315
Email: [email protected]

Kyle Mangini
Global Head of Infrastructure
Phone: +61 3 8672 5350
Email: [email protected]