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Australian fund IFM holds investor meeting in Spain as it seeks to expand

Published 10/13/2023, 09:05 AM
Updated 10/13/2023, 09:11 AM
© Reuters.

By Pietro Lombardi

MADRID (Reuters) - Australian fund IFM Investors will bring major international investors to Madrid next week as it hopes to expand its presence in the country in sectors tied to the green energy transition, it said on Friday.

The fund, which has around $131 billion under management, has invested 8 billion euros ($8.4 billion) in Spain in the past five years, including a 14.5% stake in power utility Naturgy.

IFM will hold the event from Monday to Wednesday in Madrid "due to the growing strategic importance of Spain for its portfolio of infrastructure assets," it said.

IFM Chief Executive David Neal, as well as its global and regional infrastructure chiefs, Kyle Mangini and Deepa Bharadwaj, will be at the meeting. Jaime Siles, who represents the fund on Naturgy's board, will also attend.

The presence of the IFM's top brass in Madrid comes as Naturgy is considering changes that could reshape the company and after some tensions over the potential appointment of a chief executive.

IFM's delegation will meet Naturgy's top management and visit some premises, a person familiar with the planning told Reuters.

($1 = 0.9503 euros)

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