Bestinverthrough its second infrastructure fund, redoubles its commitment to the US market. The firm has acquired a stake in Northside Apartmentsa student residence at the University of Texas, in Dallas (United States). It has undertaken the investment together with the Canadian fund Connor, Clark & Lunn Infrastructure (CC&L Infrastructure).
Bestinver Infra II, a venture capital fund managed by Bestinver’s infrastructure area, thus seals its third investment since its launch in March 2024 while advancing in fundraising. In the second half of the recently concluded year, it executed its third commercial closing, up to almost 106 million euros, and Currently it already reaches 110 million, of the 350 million target size set. The fund invests in renewable energy assets, social and transportation infrastructure, as well as other sectors such as telecommunications and water. With its first infrastructure fund, the Acciona-owned manager reached 300 million euros.
The Northside complex is located on the grounds of the University of Texas and has a historical occupancy of close to 100%. It was built between 2016 and 2021 and has capacity for 2,500 students. Northside operates under long-term contracts with the university, with an average duration of more than 50 years. The University of Texas at Dallas is one of the most prestigious public universities in the state and has a growing base of 30,000 students, which translates into high future growth potential for the asset.
CC&L and Bestinver Infra II have purchased the Northside residence from the British infrastructure services and construction group Balfour Beatty, which will remain in the capital as a minority partner, to the American fund Star America, owned by the French manager Tikehau, and to the Texan real estate developer Wynne Jackson. These last two come completely out of capital. CC&L has the majority of the assets, ahead of the second infrastructure fund of Bestinver and Balfour Beatty.
Bestinver Infra II, which is led by Francisco del Pozo, director of the firm’s infrastructure funds area, invests with the Dallas student residence in its first social infrastructure asset.
With the first fund, the Spanish manager has already acquired the concession contract under which the campus of the Polytechnic University of San Luis Potosí is operated from the Australian Macquarie in 2022. in Mexico. Likewise, at the end of 2023 it acquired 100% of the concession of the Howard County courts, in the state of Maryland (United States). That operation marked the incorporation of its first asset under control in the US market, where it had previously invested indirectly when it took 5% of Acciona Energía Internacional.
Shopping in Sweden and Italy
The Dallas project abounds in diversification strategy both geographically and asset type from Bestinver. The manager has closed two other transactions with its second infrastructure fund in recent months. Thus, on the one hand, it has acquired a majority stake in a wind energy platform in Sweden; and, on the other hand, it has taken a minority position in an energy transition project in Italy that will transform the country’s largest portfolio of gas stations into electric stations to cover the growing demand for electric vehicles.
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