Over the past 10 years our Fund has helped develop and refurbish 86 schools.
GCP Infrastructure Investments
The Company
A FTSE 250, closed-ended investment company listed on the Main Market of the LSE, investing in UK infrastructure projects with long-term, public sector backed revenues. Designed to provide regular, sustained, long-term dividends.
Quarterly commentary
Portfolio update
At 31 December 2024, the Company was exposed to a diversified, partially inflation protected, portfolio of 50 investments, with an unaudited valuation of £1.0 billion. The portfolio had a principal value of £1.0 billion with a weighted average annualised yield of 7.9% and an average life of 10 years.
NAV movements
At 31 December 2024, the unaudited net asset value per ordinary share of the Company was 105.18 pence (30 September 2024: 105.22 pence), a decrease of 0.04 pence per ordinary share.
An uplift in forecast electricity prices, driven both by higher futures forecast in the short-term and the latest forecast from the Company's third-party power price consultant, led to increasing forecast cash distributions to the Company from certain renewable energy investments, contributing c. 0.60 pence per ordinary share. This was offset by actual generation across the renewable energy portfolio that was materially below budget, as the UK suffered from poor solar irradiance and low wind speeds, which led to a reduction of c.0.76 pence per ordinary share. Short-term inflation forecasts were updated for the Office for Budget Responsibility's (OBR) latest projections, released with the government's Autumn Budget, these saw a much softer landing than had been assumed in the Spring Budget analysis, and resulted in a 0.78 pence per ordinary share uplift.
Capital allocation
The Board of Directors of the Company reconfirmed its commitment to the Capital Allocation Policy in its 2024 Annual Report and financial statements, continuing to prioritise a material reduction in leverage, as well as reducing equity-like exposures and exposures in certain sectors, whilst also facilitating the return of £50 million of capital to shareholders.
During the quarter the Company completed the disposal of a portfolio of rooftop solar assets installed on domestic properties in the UK at the prevailing valuation, generating proceeds of £6.8 million. On 30 January 2025, the Company also announced it had disposed of its interest in two operational onshore wind farms, generating day one cash proceeds of c.£16.5 million, with a further c.£1.3 million of deferred proceeds, and c.£1.0 million of tax benefits released.
Annual results
On 12 December 2024, the Company published its audited annual results for the year ended 30 September 2024. The full annual report and financial statements can be accessed here.
The strategy
The Company's objective is to:
- provide shareholders with regular, sustained, long-term dividends,
- and to preserve the capital value of its investment assets over the long term.
Investment impact
Investment adviser
The Investment Adviser to GCP Infrastructure Investments is Gravis Capital Management Ltd. The Gravis team has worked together over many years to build both investment philosophy and a practical track record of performance.
The advisers from Gravis are Phil Kent and Max Gilbert.
The board
Administrator & service providers
Administrator & Secretary
Apex Financial Services (Alternative Funds) Limited
IFC5
St Helier
Jersey
JE1 1ST
IFC5
St Helier
Jersey
JE1 1ST
Advisers on English Law
Stephenson Harwood LLP
1 Finsbury Circus
London
EC2M 7SH
1 Finsbury Circus
London
EC2M 7SH
Advisers on Jersey Law
Carey Olsen Jersey LLP
47 Esplanade
St. Helier Jersey
JE1 0BD
47 Esplanade
St. Helier Jersey
JE1 0BD
AIFM & Investment adviser
Gravis Capital Management Ltd
24 Savile Row
London
W1S 2ES
24 Savile Row
London
W1S 2ES
Auditor of the Company
KPMG Channel Islands Limited
37 Esplanade
St. Helier Jersey
JE1 8WQ
37 Esplanade
St. Helier Jersey
JE1 8WQ
Joint Corporate Broker
Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET
150 Cheapside
London
EC2V 6ET
Joint Corporate Broker
RBC Capital Markets
100 Bishopsgate
London
EC2N 4AA
100 Bishopsgate
London
EC2N 4AA
Registrar
MUFG Corporate Markets (Jersey) Limited
IFC 5
St Helier
Jersey
JE1 1ST
IFC 5
St Helier
Jersey
JE1 1ST
Valuation Agent
Forvis Mazars LLP
Tower Bridge House
St Katharine’s Way
London E1W 1DD
Tower Bridge House
St Katharine’s Way
London E1W 1DD
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Contact us
General enquiries
GCP Infrastructure Investments Limited
IFC 5
St Helier
Jersey
JE1 1STTelephone: +44 (0) 1534 722 787
Email: [email protected]
Notifications of the acquisition or disposal of major shareholdings in GCP Infrastructure Investments Limited under the FCA Disclosure Guidance and Transparency Rules using form TR1 should be emailed to [email protected]
Investment adviser
Philip Kent
Email: [email protected]
Max Gilbert
Email: [email protected]
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