Infrastructure is becoming a popular alternative asset class in the global listed real estate space. Due to the huge growth in passenger and freight volumes by air, road, rail and sea, money is flowing into the building of airports, toll roads, bridges and ports (or the expansion of existing ones). Rand-hedge counter Greenbay Properties is the only JSE-listed company that offers investors exposure to the hard-currency income streams generated by offshore infrastructure-related concessions. The company owns a €1.226bn investment portfolio, consisting of listed infrastructure securities, direct infrastructure assets, direct retail properties and listed real estate securities. The infrastructure assets are mostly in the US, Canada, Europe, Australia and Hong Kong, while the directly-owned retail portfolio consists of two shopping centres in Portugal and one in Slovenia. Greenbay CEO Stephen Delport said at the interim results presentation earlier this month that the company was bidding...

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