National Grid gas network sale to close in 'next few weeks'

Infrastructure investor International Public Partnership expects to its investment in the National Grid’s gas distribution network to be completed in the next few weeks.

Last December, the FTSE 250 company said that it was part of a consortium to buy a 61% stake in National Grid's gas distribution network and that it will invest up to £275m, which it raised through an equity placing.

The consortium, which includes Allianz Capital Partners, Dalmore Capital, Macquarie Infrastructure and Real Assets, CIC Capital, Hermes Investment Management and Qatar Investment Authority, expects the deal to close by the end of the first quarter.

The company believes that this acquisition will provide risk-adjusted returns with inflation protection.

International PP also said that it has further investment opportunities in the pipeline and will seek to raise capital after the publication of its full year results on 30 March.