GCP Infrastructure has published its annual results for the year ended 30 September 2014. The return to shareholders over that period was 15%. 7.6p of that came as dividends.
The fund expanded quite a bit (by £170m) over the year and since the year end.
The manager says that certain areas of the infrastructure market have become too expensive for the fund to consider new investments in those areas – these include solar energy (this is reflected in the valuation of their existing solar assets) and most secondary, availability-based PFI transactions (the majority of the traditional infrastructure market in the UK) where they only made one investment during the year (a schools project).
GCP Infrastructure says some infrastructure assets getting too expensive