GCP Infrastructure – Delivering on its promises
GCP Infrastructure (GCP) is now over 15 years old. Investors who joined at IPO have already received back their full investment through dividends. The NAV has stayed fairly stable, and from launch to December 2025, GCP delivered a total NAV return of 187%. Despite this strong record, GCP’s shares have traded at a wide discount to NAV for several years, which has pushed the dividend yield up to 9.1%.For the past two years, GCP has been selling assets to cut debt, fund share buybacks, and improve its risk/reward profile. A recent deal, if completed, will repay £47.5m of loans secured against social housing, bringing total repayments to about £128m towards a £150m target. GCP has nearly cleared all its debt, with the small remaining amount expected to be paid off soon. The company has also bought back £24m of shares, nearly halfway to its £50m target. Its adviser, Gravis Capital Management, has identified a further £200m pipeline of possible asset sales.
GCP Infrastructure Investments is a closed-ended investment company. Co. is focused primarily on investments in U.K. infrastructure debt. Co. invests in a partially inflation-protected portfolio of loans and assets, primarily in the renewable energy, social housing and private finance initiative sectors. Gravis Capital Management Limited is the appointed investment adviser and alternative investment fund manager to Co. The investment adviser has advised on debt structures in a variety of infrastructure sectors, including a variety of renewable energy sectors, healthcare, education, court buildings, specialized offices, registered social landlord accommodation and transport.
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