UBS upgrades infrastructure assets as deals slow

Bold move: An oil pumpjack is seen near a field of wind turbines in Texas. UBS Asset Management it is adding more powerful turbines at its wind farms venture in the state and replacing older copper routes with new fibre networks in the French and German countryside. — AFP

SYDNEY: UBS Asset Management is focusing on improving infrastructure investments it already owns as the weakest dealmaking environment in a decade limits opportunities to buy new assets.

The US$1.5 trillion investment arm of the Swiss lender is adding more powerful turbines at its Texas wind farms venture, Phoenix Wind Repower LLC, while replacing older copper routes with new fibre networks in the French and German countryside through Altitude Infra and Northern Fibre Networks, said Andrew Morris, UBS Asset’s head of infrastructure equity.