Owning a toll bridge or a toll road would seem like a license to steal. It is, if you can get the asset at a good price.
With real estate and financial assets going through a period as bad as any in 25 years, institutional investors are looking at infrastructure plays. And, funds are being formed to go after the same properties.
According to Portfolio "Stanford’s Collaboratory estimates that more than 72 new infrastructure funds have been introduced since the beginning of 2006 and that more than $160 billion has been raised during that period for infrastructure investment."
With that much money chasing a limited pool of infrastructure properties, the dynamics of these investments may start to look like real estate did five years ago. The best real estate, both commercial and residential, had plenty of buyers. Buyers were, in fact so abundant that prices moved irrationally high.
A bridge may bring a good yield, but only if it is to be had at a bargain, Among other things, someone has to pay for the up-keep.
Douglas A. McIntyre
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