IJGlobal Investor Awards 2025 – European Transaction Winners
The winners of the European transactions for the IJGlobal Investor Awards 2025 were announced this evening in The Savoy hotel on The Strand, London.
This story focuses exclusively on the European winners which were chosen by the independent panel where – as always – judges are recused from voting on awards where they have an interest.
The European winning deals are:
- Acquisition of the Year, Europe – British Columbia Investment take private of BBGI Global Infrastructure
- Bond of the Year, Europe – Istanbul Sariyer-Kilyos Motorway Tunnel, Turkey
- Oil & Gas Deal of the Year, Europe – MOL acquisition of LBC Tank Terminals
- Value-Add Deal of the Year, Europe – KKR acquisition of Dawson Group
- Social Infrastructure Deal of the Year – Civitas acquisition of later living assets, Germany
- Transmission Deal of the Year – Equitix, Baltic Cable Acquisition of Greenlink Interconnector
- Digital Infra Deal of the Year, Europe – La Caisse / DigitalBridge Acquisition of Yondr Group
- Renewable Energy Deal of the Year – Masdar’s Acquisition Terna Energy
- Utilities Deal of the Year – EQT & GIC Acquisition of Calisen
- Transport Deal of the Year, Europe – DWS & OMERS Acquisition from Antin of Grandi Stazioni Retail
- Energy Transition Deal of the Year, Europe – Ancala's acquisition of 50% in Hausheld
- Market Impact of the Year Deal of the Year – Vantage Data Centers Securitisation
- Refinance Deal of the Year – GETEC Refinance
Acquisition of the Year, Europe
BCI take private of BBGI Global Infrastructure
The $1.44 billion take private acquisition of BBGI Global Infrastructure by British Columbia Investment Management Corporation (BCI) was chosen by the judges to win the European award for Acquisition of the Year.
Another judge added: “The public/private market has been challenging given share price values to NAV – hence a lot of investors may have considered take private but they are rare, and definitively not so common in the infra market.”
BBGI’s portfolio comprised more than 50 high-quality social and transport infrastructure assets across 7 countries, including the UK, Canada, Germany, Australia, and the US.
These assets span essential public services such as hospitals, schools, justice facilities, affordable housing, bridges, and roads – all underpinned by long-term, availability-based PPP contracts with government-backed counterparties.
This acquisition represents a significant strategic milestone for BCI, marking its first sole take-private transaction.
It substantially strengthens BCI’s infrastructure and renewable resources (I&RR) portfolio by adding diversified, inflation-linked income streams that align with its long-term investment objectives and the needs of its pension fund clients.
The deal also positions BCI for future growth through direct ownership of a scalable global infrastructure platform.
Transitioning BBGI from public to private ownership required a tailored approach to deal structuring, balancing public market sensitivities with BCI’s long-term investment horizon.
PwC and RBC Capital Markets acted as joint lead financial advisers to BCI throughout the transaction to design a bespoke acquisition framework that addressed the operational, legal, and regulatory intricacies of BBGI’s diversified portfolio.
This included navigating multiple regulatory regimes, managing stakeholder communications, and coordinating a seamless process to satisfy both public shareholders and cross-border compliance obligations.
This innovative approach enabled BCI to secure a high-quality infrastructure platform, aligning with its strategic goals of accessing inflation-linked, government-backed assets while also positioning itself as a leader in institutional infrastructure ownership and stewardship.
Bond of the Year, Europe
Istanbul Sariyer-Kilyos Motorway Tunnel, Turkey
The bond finance of the 8.2km Istanbul Sariyer-Kilyos Motorway Tunnel – run by JP Morgan – was selected by the judging panel to win in the IJGlobal Investor bond category.
The transaction represents the first motorway PPP in Türkiye to be financed through a project bond, introducing a structure that merges private capital market funding with sovereign support.
The $405 million 7.536% secured amortising notes were issued by ICA İçtaş Altyapı Yavuz Sultan Selim Köprüsü ve Kuzey Çevre Otoyolu Yatırım ve İşletme with JP Morgan Securities acting as initial purchaser.
Financial close was achieved on 31 October 2024, following a process launched in December 2023.
The project – part of the Northern Marmara Highway connecting Istanbul to the Black Sea – is structured under the BOT model.
The transaction’s defining innovation was the introduction of a Treasury-backed debt assumption mechanism within a project bond framework – the first time this approach has been successfully applied in Türkiye.
White & Case and Ergün Law Firm advised JP Morgan, while the issuer was represented by Watson Farley & Williams and Lexist Law Firm.
Advisers developed a first-of-its-kind legal structure under Turkish law, balancing investor protection with sovereign oversight.
Judges highlighted that the deal a “good case study on innovation for a first-of-a-kind”.
Oil & Gas Deal of the Year, Europe
MOL acquisition of LBC Tank Terminals
The sale by Ardian Infrastructure, PGGM and APG of LBC Tank Terminals (LBC) to Mitsui OSK Lines (MOL) was chosen by the judges to win the O&G award for Europe with one saying it was “a significant transaction at what seems a high price”.
Macquarie Capital served as exclusive financial adviser to the 3 selling shareholders on the $2.6 billion EV transaction, delivering a customized transaction strategy, highlighting chemicals storage and LBC’s emerging energy transition opportunities in areas like ammonia, hydrogen, and pyrolysis oil.
The transaction was facilitated in a streamlined fashion, managing numerous workstreams and stakeholders.
As a Japanese entity without existing storage infrastructure investments, the strategic fit of the transaction was key to attracting MOL.
The submission states: “The transaction introduced vital new primary equity capital into the energy storage sector, enabling LBC to strengthen its competitiveness and drive decarbonisation.
“Leveraging MOL’s global scale, LBC is now poised to expand its sustainable infrastructure, directly supporting net-zero goals and fostering economic growth in key industrial hubs across Europe and North America.”
Value-Add Deal of the Year, Europe
KKR acquisition of Dawsongroup
The acquisition by KKR & Co of Dawsongroup plc, one of the UK’s leading independent asset leasing businesses, was chosen to win the value-add trophy with one judge describing it as “a large deal in an unusual area”.
Dawsongroup has an established heritage and a reputation for operational excellence in providing mission-critical, flexible leasing solutions across a range of asset classes, including commercial vehicles, temperature-controlled storage units, and modular space solutions.
Its customers span multiple sectors, including logistics, retail, construction, and healthcare, many of them blue-chip corporates with long-term relationships.
The business has built a resilient and scalable platform, underpinned by its proprietary Smarter Asset Strategy which enables clients to access the latest technologies while supporting their decarbonisation and cost-efficiency goals.
The acquisition by KKR is set to further accelerate Dawsongroup’s growth trajectory, providing the capital and expertise needed to expand into new markets and enhance its sustainability-led offering.
The transaction marked a major strategic milestone, both for the shareholders and the wider asset leasing sector.
The submission states: “This transaction was highly innovative in how it positioned Dawsongroup – historically viewed as a traditional leasing business – as a strategic platform at the intersection of sustainability, technology, and critical infrastructure.”
HSBC and PwC acted as financial advisers to the shareholders of Dawsongroup plc throughout this transaction.
Social Infrastructure Deal of the Year
Civitas acquisition of later living assets, Germany
The acquisition by Civitas from Deutsche Wohnen of 26 later life care and assisted living homes predominantly in Berlin and Hamburg was selected to win the social infra award.
Another of the judges said: “This was an interesting transaction in a difficult sector. They clearly had to work through a number of joint ventures / partnerships to get something that worked.”
Civitas – the UK’s largest investor in specialist community-based care real estate – closed the deal in October 2024, significantly expanding its presence in continental Europe.
Simultaneously, Civitas entered into long-term lease agreements for the 3,000+ bed portfolio with Alloheim Group, which acquired the incumbent operator – Katharinenhof – and will continue to deliver care and support for the residents, forming an important partnership for Civitas.
Civitas also secured debt against the portfolio on excellent terms, which will free up valuable capital to invest into social infrastructure assets across major Western European markets, as part of Civitas’ European expansion strategy (targeting €1 billion to be deployed in short to medium term).
Transmission Deal of the Year
Equitix, Baltic Cable Acquisition of Greenlink Interconnector
Transmission deal of the year was awarded to Equitix and Baltic Cable for their 50:50 acquisition of Greenlink Interconnector from Partners Group – a transaction valued at more than £500 million.
The asset is located in the UK and Ireland, operating in the power, transmission and energy transition sectors.
Greenlink benefits from a cap and floor revenue framework regulated by Ofgem and CRU. The acquisition was announced on 17 March (2025) and closed on 24 July.
Greenlink's revenue is primarily from congestion rents which reflect differences in power prices in the Great Britain and I-SEM (Ireland) power markets.
There is some downside protection through the cap and floor framework, however expected revenue projections are above the floor revenue resulting in significant merchant risk.
Interconnectors are a rare and unique asset class which not many have underwritten before.
Macquarie Capital successfully advised its client on how to understand and price the risk appropriately by comparing it to similar asset classes.
Digital Infra Deal of the Year, Europe
La Caisse / DigitalBridge Acquisition of Yondr Group
The teaming up of La Caisse (formerly CDPQ) and DigitalBridge to acquire Yondr Group – a global developer, owner, and operator of hyperscale data centers – for $5.8 billion was lauded as a “complex deal in a hot market”.
With more than 420MW of capacity committed to leading hyperscalers – including leading technology companies – and land secured to support a further 1GW+, Yondr is poised to capitalise on exponential growth in advanced data processing needs.
The acquisition marks a new phase of development under renewed leadership, with Aaron Wangenheim appointed chief exec and Sandip Mahajan as CFO, bringing decades of experience in leadership and scaling and operating data centre campuses globally.
An agreement was reached in October 2024, European Commission approval received in March 2025, with the official closed occurring on 1 July 2025.
The submission states: “The acquisition of Yondr exemplifies innovation both in its strategic ambition and in the investment model that enabled it, rooted in a long-term, partnership-driven approach.
“The transaction builds on the foundation established in 2019, when La Caisse made its first investment in DigitalBridge’s portfolio company, Vertical Bridge.
“This collaborative model reached a new milestone in 2024 with a $3.3 billion tower transaction with Verizon, one of the largest of its kind.
“That success laid the groundwork for the Yondr acquisition, reflecting the partners’ ability to execute complex, high-impact transactions. It represents a continuation of their strategic alignment and a decisive move into the hyperscale and AI-ready data centre space.”
The submission continued: “Acting as anchor partners in the sector enabled La Caisse and DigitalBridge to mobilise significant long-term capital with speed and precision when the right opportunities arise.”
Renewable Energy Deal of the Year
Masdar’s Acquisition Terna Energy
Masdar’s acquisition of 67% of Terna Energy followed by the squeeze-out of the remaining 33% shareholding was chosen by the judges to win the renewables award for Europe.
Rothschild & Co acted as sole financial adviser to Masdar on its €2.4 billion acquisition of Athens-listed Terna Energy, including a €750 million first-of-a-kind acquisition financing package.
The transaction involved an initial 67% acquisition followed by a mandatory tender offer for the remaining shares, representing the largest ever renewables deal in CSEE.
This transaction positions Masdar as a major player in the European renewables market and supports its ambition to reach 100GW of capacity by 2030.
It consolidates a leading renewables platform under a long-term strategic owner and sets a precedent for large-scale public-to-private transactions in the region.
Utilities Deal of the Year
EQT & GIC Acquisition of Calisen
The acquisition by EQT and GIC of a majority stake in UK meter asset provider (MAP) Calisen was chosen by the independent panel of judges to win the utilities award.
One of the judges said it was “a large deal in a hard market for scale at the moment” adding that it was a “mature business with strong growth and success”.
The vendors – BlackRock, Goldman Sachs, and Mubadala – sold their stake in Calisen for $5.4 billion and the transaction closed on 13 May (2025).
Calisen plays a critical role in the UK’s energy transition, managing millions of smart meter installations that underpin the country’s shift to a low-carbon future.
Transport Deal of the Year, Europe
DWS & OMERS Acquisition from Antin of Grandi Stazioni Retail
The acquisition last December by DWS and OMERS of Grandi Stazioni Retail (GSR) from a team led by Antin Infrastructure Partners was chosen to win the transport award.
GSR has exclusive rights to manage the commercial spaces across 14 largest railway station hubs for the high-speed rail network in Italy through long-term leasehold agreements until 2047 and 2053.
A raise of €768 million of senior secured debt was arranged to support this transaction. The package was used to finance the purchase price of the acquisition, repaying existing debt and to replenish capex facilities.
GSR’s financing closed against a backdrop of a challenged post covid transport market. It saw a footfall decline in 2021 and by 2023-24 traffic was recovering but hadn’t fully normalised to pre pandemic levels.
Sticky inflation also affected consumer spending and many retailers were cautious about long-term leases. A key objective of this financing was to establish a strong platform to fund future growth opportunities.
The contractual strength from leasehold agreements and passthrough mechanics reduced volume risk and provided long term resilient cashflow which includes protection against foreseeable events.
This transaction facilitated European infrastructure banks to get comfortable with the business model and strengthened GSR’s access to the institutional debt markets.
The submission states: “Antin's sale of GSR is innovative for redefining the commercial potential of transport related infrastructure. Originally state-owned and under-utilised, GSR underwent transformational growth under Antin's ownership.”
It continues: “The transaction also innovated by enabling infrastructure banks and institutional lenders to gain comfort with a business model that blends real estate and transport infrastructure, leveraging GSR’s monopolistic position in commercial leasing at Italy’s largest rail hubs.
“The structure’s flexibility and contractual protections set a new standard for financing in the transport-linked retail sector, especially in markets still recovering from COVID-19 disruptions.”
And on a final note: “Additionally, the deal aligned with broader sustainability and modal shift objectives, supporting the EU’s decarbonisation goals by facilitating growth in high-speed rail – a lower-carbon mobility option.”
Energy Transition Deal of the Year, Europe
Ancala's acquisition of 50% in Hausheld
The acquisition by Ancala of a 50% stake in German smart metering firm Hausheld was chosen to win the energy transition award.
Through this acquisition, and in addition to Ancala’s existing investment in Solandeo has created Germany’s largest independent smart metering platform.
These transactions have marked out Ancala as the first infrastructure manager to invest in German smart metering since legislation came into effect.
The combined platform spans the 2 fastest-growing segments of the German market: municipal utility rollouts (Hausheld) and prosumer renewable energy metering (Solandeo). Both operate under long-term guaranteed contracts.
The opportunity was sourced and structured in-house, following Ancala’s regular company-wide ideas sessions and market scoping.
The German government mandated roll-out of smart meters is critical to Germany’s plans to achieve carbon neutrality by 2045.
Ancala’s investment is helping both businesses to meet rapidly-growing demand for smart meters, in turn directly supporting the decarbonisation of Europe’s largest economy.
Market Impact of the Year Deal of the Year
Vantage Data Centers Securitisation
The €640 million securitisation closed by Vantage Data Centers in June 2024 – the first Euro-denominated data centre asset-backed securitisation (ABS) – was chosen to win the market impact award.
It was singled out by judges who said it was “a new deal in Europe using financing technology from US” and echoed by another who added it was a “good transport of US precedents into an EU market”.
The ABS is backed by stabilised European data centre assets in Germany. Its structure includes a single-tranche, investment-grade-rated note and an additional €80 million in unfunded variable funding notes, secured by long-term contracted cash flows.
As a market first, this transaction sets a benchmark for future deals in the sector while also representing a significant innovation in digital infrastructure financing.
The structure was tailored to accommodate European regulatory frameworks and investor expectations, including ESG considerations.
The deal also introduced a new asset class to the European ABS market, expanding the scope of infrastructure securitisation and demonstrating the viability of data centres as stable, financeable assets.
From a sustainability perspective, the transaction achieved a Green Bond designation from Morningstar Sustainalytics.
Refinance Deal of the Year
GETEC Refinance
The €3.1 billion refinance of GETEC – a provider of essential energy infrastructure solutions for communities and industries via a one-stop-shop set of energy supply, O&M and energy saving solutions channel – was chosen to win in this category.
The judges were impressed by a “substantial and material financing accessing different funding sources” tipping a hat to its “considerable size” and that it “tackled multiple points in the cap structure”.
CIBC and DC Advisory acted as join financial advisers and joint placement agents, bookrunners, MLAs and hedge counterparty in the refi of GETEC’s capital structure.
For GETEC, this refi established a robust, long-term capital structure, replacing restrictive legacy debt with flexible, investment-grade financing.
This enabled GETEC to pursue significant organic and inorganic growth, expand its footprint across Europe, and diversify its customer base beyond industrial applications to include real estate and community energy solutions.
At the sector level, the transaction set a precedent for how energy infrastructure companies can access institutional debt markets, even in a challenging macroeconomic and geopolitical environment.
By securing private investment grade ratings and engaging both US and European investors, GETEC’s refi demonstrated the growing appetite for essential energy infrastructure assets and the viability of cross-border, multi-tiered financing solutions.
In the broader market, the deal enhanced lender and investor understanding of the energy transition business model, supporting the flow of capital into sustainable infrastructure.
The coordination of more than 25 lenders and the implementation of a unified CTA platform illustrated the potential for complex, multi-lender transactions to be executed efficiently.
Ultimately, the refi positions GETEC as a resilient, growth-oriented leader in the European energy transition, while encouraging further innovation and investment in the sector.
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