IFM plans European expansion

Industry Funds Management (IFM) has opened an office in Berlin to strengthen relations with its strategic investment partners in Europe.

IFM executive director Lars Bespolka will move from its New York office to lead the team in Berlin.

IFM chief executive Brett Himbury said Europe was a core growth market for the fund manager. Establishing an office would allow it to build a regional presence and develop long-term relationships.

IFM has an existing stake in 50Hertz Transmission, one of four of the country's electricity transmission system operators, supplying power to over 18 million individuals and companies.

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"IFM will work closely with 50Hertz Transmission in the implementation of its US$5.2 billion capital investment program, which is fundamental to the success of the Energiewende currently going on in Germany," IFM global head of infrastructure Kyle Mangini said.

IFM is invested in four additional European assets including Anglian Water, Arqiva Limited, Dalkia Polska and Manchester Airports Group (M.A.G.). It acquired 35.5 per cent of M.A.G. following its successful bid to acquire London Stansted Airport.

Mangini said German investors had expressed interest in the fund, while further opportunities existed in the transport, gas storage and other infrastructure sectors.

IFM also appointed Dr Uwe Frank, an oil and gas sector industry veteran, as senior adviser for its expansion into the German-speaking market.

IFM's first European office was launched in 2006 in London, UK with the office growing to over 20 employees currently.

David Cooper was appointed at the end of last year as investment director to expand the businesses' infrastructure debt capability into the UK and Europe.