Allianz Global Investors has invested 拢55m for clients in a UK dock redevelopment.
The investment, through a 30-year private placement bond, will finance the redevelopment of Dover鈥檚 western dock and the expansion of capacity at the port鈥檚 eastern dock.
The long-term investment by UK pension funds and international insurance companies managed by AllianzGI through its Allianz UK Infrastructure Fund 1, LP and parallel direct investment mandates will supplement shorter-term banking facilities.
UK infrastructure debt portfolio manager, Adrian Jones, said: 鈥淭he need for investment in UK transport infrastructure, to boost the country鈥檚 connections with global trade routes and drive economic growth, is universally acknowledged.鈥�
Jones said the needs of pension and life assurance investors are not being met by traditional capital products.
The bond is a deferred draw unlisted 鈥榪ualifying private placement鈥� - a funding mechanism available following UK tax reform in 2015/16 to encourage international investors to invest in long-term UK infrastructure without requiring a stock market listing for debt which is acquired on a 鈥榯ake-and-hold鈥� basis.
AllianzGI it intends to launch a second UK infrastructure debt fund this year.
