Macquarie : Infrastructure and Real Assets reaches agreement to sell Techem GmbH

London/Eschborn, 25 May 2018

Macquarie Infrastructure and Real Assets (MIRA), via Macquarie European Infrastructure Fund 2 (MEIF 2), today announced the sale of its 100% interest in Techem GmbH to a consortium of investors led by Partners Group (acting on behalf of its clients) and including Caisse de dépôt et placement du Québec and Ontario Teachers' Pension Plan. The transaction values Techem at an enterprise value of €4.6 billion.

Techem is a leading global energy management and services provider to the residential real estate sector, focusing on sub-metering and cost allocation services in the German and European markets. MEIF2 acquired Techem through a take-private process in several stages between 2006 and 2009.

Under MEIF2's ownership, Techem has grown from an industry leader in Germany to an established leader in the largest markets globally with a presence in more than 20 countries. With over 3.600 employees, it now services more than 11 million apartments worldwide - 5.6 million of them in Germany.

During MEIF2's ownership, Techem has invested over €1 billion in capex to develop a line of products and services which provide a highly efficient and cost effective way to reduce overall energy consumption in apartment buildings and commercial properties. Techem's services also support sustainable heat supply, enhanced house fire protection and improved drinking water quality, and today account for 6.9 million tons of CO2 emission savings per year.

Mark Braithwaite, Senior Managing Director, MIRA Europe, commented: 'Over the past 11 years, Techem has become a true technology leader by combining energy efficiency and digitalisation to provide new, integrated solutions to its customers. We are proud to have overseen this strong period of growth at Techem and to have contributed to the company's digital transformation. We have enjoyed a solid partnership with the company and we thank Frank Hyldmar and his team for their commitment and vision in transforming Techem into a leading global services provider.'

Frank Hyldmar, Chief Executive Officer of Techem said: 'MIRA has provided great support in developing Techem into a global industry leader. Its international network and operational expertise have helped us to transform the company into what it is today. I would like to thank Macquarie for the years of strong support. We are excited to continue this path with the backing of our new shareholders.'

The transaction is subject to customary regulatory and anti-trust approvals and is expected to be closed in the third quarter of 2018.

About Macquarie Infrastructure and Real Assets (MIRA)

More than 20 years ago Macquarie Infrastructure and Real Assets (MIRA) pioneered investment in a new asset class for institutional investors - infrastructure.

Today we combine two decades of experience and expertise to identify and unlock investment opportunities in the assets that people use every day - extending beyond infrastructure to real estate, agriculture and energy.

Managing investments that underpin economies and communities requires a careful balance of local knowledge, experience and foresight to create enduring value.

Our dedicated operational and financial experts in each region work closely with our global network to help our clients to see across the regions and deep into local markets, working where our funds invest and portfolio companies operate.

As at 31 March 2018, MIRA has assets under management of more than €96.9 billion invested in 148 portfolio businesses, ~330 properties and 4.5m hectares of farmland. MIRA is a division of Macquarie Asset Management, the asset management arm of Macquarie Group, a diversified financial group providing clients with asset management, banking, advisory and risk and capital solutions across debt, equity and commodities

About Techem

Techem is a leading global provider of energy billing and energy management services for real estate. The company with headquarters in Germany was established in 1952, operates in more than 20 countries with over 3,600 employees today and has 11 million units in service. Worldwide, Techem has a presence of 150 different branch offices, 60 of them at sites throughout Germany. Techem provides enhanced efficiency throughout the entire value chain of heating and water supply in buildings. The services and solutions offered help to avoid more than 6.9 Million tons of CO2-emissions each year.

Those services include energy procurement, innovative energy contracting solutions for residential properties and industrial estates, the heat and water metering and billing as well as smart solutions for controlling heating systems and radiators and energy monitoring for landlords and tenants. Techem is the market leader for radio-controlled heat and water metering systems and on that basis promotes networking and digital processing in buildings. Modern smoke detectors with remote inspection and Legionella testing conducted with an accredited partner firm round out its product range for residential living management. Techem is a founder member of the 'Alliance for Climate Neutral Housing' and the 'Wirtschaftsinitiative Smart Living'. Please find further information at www.techem.de.