Cash rich 3i Infrastructure to remain selective

16th Jul 2009 08:40

Infrastructure investment company 3i Infrastructure said its investment portfolio is performing in line with expectations, while a number of attractive investment opportunities are in the pipeline.The company invested £27.4m in the period between 1 April and 15 July, the bulk of which was accounted for by the £23.9m purchase from 3i Group of an additional holding in 3i Osprey LP, the vehicle through which 3i Infrastructure and 3i Group hold their stakes in Anglian Water Group.The company’s indirect stake in Anglian Water has now increased to 10.3% from 9% previously.Cash balances in the middle of July stood at £338.1m. The company has no debt, and has access to a £225m credit facility.Although management spoke of an “attractive pipeline of investment opportunities”, Cressida Hogg, managing partner for Infrastructure, 3i Investments plc, said the company would remain “highly selective in evaluating potential new investments.”