Brookfield Infrastructure Exits U.S. Gas Pipeline

(RTTNews) - Brookfield Infrastructure Partners L.P. (BIP) said Friday that it agreed to sell its remaining 25% interest in its U.S. gas pipeline to one of the businesss existing owners for undisclosed term. This sale represents a complete exit of the business, generating total proceeds of over $1.7 billion.

Brookfield initially acquired a 27% stake in the pipeline through the purchase of Babcock & Brown Infrastructure. Later, the company in 2015 increased its ownership to 50%.

Brookfield also added that it has completed the first step in its data-center monetization strategy, signing deal to sell 30% interest in a 244-megawatt portfolio of operating sites in Europe to a financial sponsor for about $460 million. The company also progressing sale of an additional 60% stake in the portfolio, which will expect to sign in the coming months.

"We have now locked in over $700 million in proceeds from asset sales since the beginning of the year, which is expected to increase to nearly $900 million shortly following the sell down of the additional stake in our European data center portfolio", said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure. "This marks meaningful progress towards our asset monetization goal of $5 to $6 billion over the next two years", he added.