NETHERLANDS - Dutch pension funds ABP and Pensioenfonds Zorg en Welzijn (PFZW) have invested in waste management group SAV group, through the €500m (US$773m) NIBC European Infrastructure Fund.
SAV group specialises in the management of hazardous waste incineration and treatment infrastructure in Germany. In a statement, its new owners said it would employ 1300 people and have an annual turnover of about €400m.
Eduard Ruijs, investment director of NIBC Infrastructure Partners, said: "This is the first investment in waste incineration assets for NIBC European Infrastructure Fund.
"We see interesting market opportunities to expand our investments in this area and waste management infrastructure rightly is one of the fund's core focus areas.
"The SAV-group is active in a highly regulated and specialist business segment and this investment fits well within our infrastructure investment strategy."
The NIBC European Infrastructure Fund has a core investor base which consists of large Dutch pension funds, such as ABP and PFZW, and NIBC Bank NV.
The fund's objective is to generate long term stable and predictable cash flows and returns for its investors through long term direct investment in corporate and project-based infrastructure assets.
Its core sectors of investment are waste management, renewable energy, roads and transportation infrastructure, social infrastructure and oil and gas storage and distribution facilities.
Regulatory clearance is expected by the end of September 2008.
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