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LionFin2020(talk·contribs) has been paid by Gravis Capital Managementon behalf of GCP Infrastructure Investments.
GCP Infrastructure Investments Limited is a closed-ended investment company incorporated in Jersey and listed on the Main Market of the London Stock Exchange. It invests mainly in debt secured against UK infrastructure projects with public-sector-backed revenues.[1] It is a constituent of the FTSE 250 Index.[1] Its investment adviser is Gravis Capital Management.[2]
The company raised £40 million in an initial public offering in July 2010, issuing 40 million shares at £1 each, below its initial £50 million target. It was set up by Gravis Capital Partners to provide subordinated debt to UK private finance initiative (PFI) projects.[3] Gravis Capital Partners LLP had been founded in 2008 and became Gravis Capital Management in 2017. In 2020 ORIX agreed to acquire a 70% stake in Gravis Capital Management.[4] :The company later expanded into renewable energy lending, including rooftop solar, anaerobic digestion and biomass, and into supported living accommodation.[5] According to its adviser, it joined the FTSE 250 in 2015.[5] :In 2020, the company announced that it would reduce its annual dividend target from 7.6p to 7.0p per share. It attributed the cut to the long-term fall in interest rates, which had led borrowers to repay loans early, rather than to the COVID-19 pandemic.[6] :In August 2023, the company proposed a three-way merger with its sister fund GCP Asset Backed Income (GABI) and RM Infrastructure Income (RMII).[7] Talks with RMII ended in early September 2023 because the two sides could not agree terms.[8] The GABI combination was abandoned later that month after a significant minority of GABI shareholders opposed it.[2]
The company lends mainly at fixed rates to projects with UK public-sector-backed income. Its portfolio is spread across renewable energy, PFI and public–private partnership (PPP) assets, and specialist supported social housing.[9] Its loans are typically repaid in full over the life of each project, with no residual value assumed for the asset.[10] The board has targeted a dividend of 7.0p per share for the year ending 30 September 2026.[9] A 2023 analyst note observed that part of the company's income is accrued rather than received in cash, so the dividend was not covered on a cash basis.[11]
For much of its history the company's shares traded at a premium to net asset value (NAV), but rising interest rates from 2022 pushed them to a wide discount.[10] By September 2023 the discount had reached 33%.[12] :In December 2023, the board announced a plan to sell about 15% of the portfolio in order to reduce debt and return money to shareholders.[13] The plan targeted £150 million of disposals, repayment of borrowings under the company's revolving credit facility (£104 million drawn at the time), a return of at least £50 million to shareholders, and a shift in the portfolio away from equity-like exposure.[14] :In February 2026, the company agreed to sell supported social housing assets, allowing the repayment of £47.5 million of loans.[15] In mid-2026, it refinanced a ground-mounted solar portfolio, releasing about £40 million, and fully repaid its revolving credit facility. It also sold two onshore wind projects, Winscales Moor and Burton Wold, at about a 13% premium to their March 2026 valuation.[16] :NAV per share fell from 107.62p to 102.28p in the six months to 31 March 2025.[17]
The company has held the London Stock Exchange's Green Economy Mark since 2020. The Mark is awarded to companies that derive more than 50% of their revenues from products and services contributing to the green economy.[18]
Wikpedia is independent so we cannot allow content to be written by the article subject. Nor can we accept promotional material. That said, I have added some useful information to the history section. Dormskirk (talk) 16:29, 24 September 2026 (UTC)Reply
