GIC has acquired a minority interest in Vauban Infra Fibre (VIF), France鈥檚 independent digital infrastructure platform.
The Singaporean sovereign wealth fund made the investment, which will take the form of a capital increase alongside VIF鈥檚 existing shareholders, via one of its affiliates.
xisting shareholders include funds managed by Vauban Infrastructure Partners and Cr茅dit Agricole Assurances (CAA). Investment funds managed by Vauban will continue to be the majority investors in VIF.
VIF manages more than 13 million connectable lines, through 25 assets across rural, urban and medium-density areas.
The capital from GIC will enable VIF to boost its investments in digital infrastructure in France. VIF is set to announce the signing of two digital infrastructure transactions, as it seeks to strengthen its position in the French market and diversify its base of digital infrastructure.
In a joint statement, Steve Ledoux and Aveen Ghurbhurn, CEO and managing director of VIF, respectively, said: 鈥淎t inception back in 2020, we had envisioned the importance of fibre as an essential infrastructure and we strived to consistently keep our focus on nurturing this feature across our portfolio as a key driver to deliver value to our shareholders.
鈥淕IC鈥檚 investment in VIF is a clear confirmation of our strategy, and we are delighted that they embarked on this journey alongside our two existing shareholders, Vauban and CAA.鈥�
Gwenola Chambon and Mounir Corm, founding partners of Vauban Infrastructure Partners, said: 鈥淏ack in 2020, Vauban Infrastructure Partners consolidated Vauban鈥檚 existing digital infrastructure assets by pooling them into a single platform, creating France鈥檚 largest independent wholesale operator in the fibre market. Welcoming GIC as a long-term partner alongside Cr茅dit Agricole Assurances is a key milestone that will allow us to provide additional means to support the growth of the platform.
鈥淲e wish to pursue the extension of VIF鈥檚 footprint in digital infrastructure across the country. Supporting the growth of the large-scale platform that we have created is fully aligned with our strategy of active asset manager.
鈥淔inally, it fits perfectly with our ambition to finance infrastructure assets that are essential to the development of local communities.鈥�
Nicolas Denis, CEO of Cr茅dit Agricole Assurances, said: 鈥淲e are proud to welcome GIC as a new long-term partner, fully aligned with Vauban Infra Fibre鈥檚 investment approach. This new partnership will bring additional capacity to accelerate the platform鈥檚 development through investments in digital projects, and also contribute to Cr茅dit Agricole Assurances meeting the societal commitments to promote access to digital technology for as many people as possible in the French territories.鈥�
Ang Eng Seng, CIO for infrastructure at GIC, said: 鈥淲e are pleased to invest in Vauban Infrastructure Fibre, one of the leading independent fibre platforms in France, alongside VIP and CAA. The French fibre to the home sector is an attractive market for investment, with advanced levels of roll out and take up. The long-term nature of VIF鈥檚 contracts aligns well with GIC鈥檚 investment horizon.
鈥淲e are confident that VIF is well-positioned to capitalise on the increasing demand for digital infrastructure and growth opportunities ahead.鈥�
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