The Strategic Infrastructure Trust of Europe (SITE)

Established in 2005, the Strategic Infrastructure Trust of Europe is designed to provide investors with stable returns over the long-term through a mix of capital growth and yield.

Investment in the Fund is available through:

a Pounds Sterling denominated fund (SITE (GBP));
an Australian dollar denominated (hedged) fund (SITE (AUD)); and
a Euro denominated (hedge) fund (SITE (EUR)).

The fund invests in a diverse range of infrastructure assets of varying life cycles and sectors.

To date the fund has made six investments:

Angel Trains is the largest UK rolling stock company with 37% of the UK passenger rolling stock market, and is also a leading rolling stock leasing company in Europe. In the UK, Angel leases its rolling stock to 16 out of 20 UK train operators on medium term leases supported by UK government direct agreements and contractual support. Angel owns a total fleet of over 5000 passenger and freight trains.

CLH is the largest pipeline and storage network for refined oil products in Spain and enjoys a 100% monopoly of the pipeline for refined petroleum products in mainland Spain. The CLH network consists of over 3,500km of pipeline linking major refineries to main wholesale distribution points as well as 38 storage facilities across mainland Spain and the Balearic Islands.

Wales & West Utilities is an extensive gas distribution network comprising three local distribution zones and has boundaries with the North West, West Midlands and South of England distribution networks. These networks operate from two main administrative centres in Cardiff and Bristol and 18 operational sites situated across the network. The extensive distribution system comprises of approximately 34,000 kilometres of distribution gas mains.

SITE's first investment in Central Europe, Garland Hydro is a joint venture with developer, Lanchid Holdings, in Hungary. The Hydropower asset is the first in a series of projects to acquire, refurbish or develop energy sector investments focussing on EU countries of Central Eastern Europe.

BAA is the largest global airport operator, with seven UK airports, including Heathrow, Gatwick and Stansted in London. These UK airports handle around two-thirds of all UK domestic passenger traffic and more than 80% of air cargo. The three largest are in the capital of London, with high barriers to entry and regulated operations because of their strong market position. These three airports are price regulated by the Civil Aviation Authority, which sets price caps based on an allowed rate of return on capital (currently 7.75% pre-tax). BAA is well known to AMP Capital as our co-shareholder and operator of APAC (Melbourne and Launceston Airports).

Thames Water is the largest water and sewerage company in the UK and supplies water to 8 million people across London and the south of England and provides wastewater services to 13 million customers. Thames is a stable monopoly business operating in a mature regulatory environment. The revenue certainty and predictable cash flow of the asset provide the fund with a complimentary addition to its existing portfolio.

Exited investments

The Secondary Market Infrastructure Fund (SMIF)

The Secondary Market Infrastructure Fund (SMIF) comprises more than 60 Private Finance Initiatives* (PFI) assets diversified by sector, geography and operator. SMIF is the largest portfolio of UK secondary PFI assets and has an invested value of circa £370m. The combination of the UK’s large and mature secondary PFI market and SMIF's experienced management team with proven track record, position the portfolio for considerable future growth. During 2006, co-shareholders declared their intention to exit the fund. The price achieved through the sale process represented a highly attractive exit value for the SITE fund.

*The Private Finance Initiative (PFI) is an important part of the UK Government’s infrastructure development programme. Under a PFI, the public sector uses private sector expertise and capital to develop or upgrade a range of public sector assets including schools, hospitals, roads and government accommodation.

Funds at a glance

SITE (AUD)

SITE (AUD) is an open-ended wholesale fund that was launched in January 2006. The assets of the Fund are held through AMPCI's Pound Sterling denominated product SITE (GBP). The Fund uses derivatives to hedge its exposure to SITE (GBP) back to Australian dollars. The minimum investment requirement is generally A$1,000,000.

More detailed information is available in the SITE (AUD) Information Memorandum.

SITE (GBP)

SITE (GBP) is an open-ended wholesale fund that was launched in June 2005, and comprises two unregistered unit trusts. The Fund is and unhedged vehicle, denominated in Pounds Sterling. The minimum investment requirement is generally £400,000.

More detailed information is available in the SITE (GBP) Information Memorandum.

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Investments in Asia

Investments in Europe

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Office locations

SITE Information Memorandum

For a copy of the SITE Information Memorandum, contact Alison Cunniffe on +61 2 9257 1412

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