Infrastrukturfonds

was kann schief gehen ? Mal ein Beispiel von einem der bekanntesten notierten Infrastrukturunternehmen. Kurzfassung: Tunnel bricht ein, keine Einnahmen. Das Ganze gilt natürlich auch für Brücken o.ä.

Ich würde ein Investment in börsennotierte UN aus dem Sektor vorziehen.

Tesco to Stick With Tunnel-Collapse Store, Laing Says (Update2)

By Sophie Kernon and Angharad Couch

Aug. 24 (Bloomberg) -- John Laing Plc, a U.K. developer of roads, hospitals and schools, said Tesco Plc has indicated that it wants to resume construction of a supermarket at a site where a tunnel collapsed over Laing's Chiltern Railways line.

``They have confirmed they want to restart the dialogue about restarting the works on that site,'' Laing Chief Executive Officer Adrian Ewer said in an interview. ``We will make representations that there must be no scope for error in the designs. As you can imagine, customers don't like going through a half-built tunnel that has collapsed before.''

Laing's rail unit today reported a 2.4 million-pound ($4.6 million) first-half loss after customers stayed away from Chiltern following the tunnel collapse at Gerrards Cross on June 30 last year. Tesco, Britain's biggest retailer, has so far declined to say whether it plans to finish the half-built store. Spokesman Jon Church today said options remain under review.

Laing has so far received a 4 million-pound interim compensation payment from Cheshunt-based Tesco after the grocer admitted liability for the collapse, Ewer said. The CEO wouldn't elaborate on the likely size of the total payment.

Shares of Laing, whose first-half profit was little changed as the Chiltern loss wiped out earnings from its building operations, today fell 8.8 percent to 265 pence, the sharpest drop since Dec. 27, 2001.

Tesco stock closed up 0.2 percent at 368 pence. The retailer has a market value of 29.4 billion pounds; Laing is valued at 620 million pounds.

Costain Dossier

Tesco last month received a report into whether it should resume construction at Gerrards Cross, 25 miles northwest of London, after commissioning U.K. builder Costain Group Plc to review the 20 million-pound project, from which contractor Jackson Civil Engineering was stood down.

The document, which hasn't been made public, was due to address the cause of the collapse of a 30-meter (100-foot) section of tunnel beneath the planned store and the suitability of the site, Tesco spokesman Trevor Datson said on July 6. Tesco Chief Executive Officer Terry Leahy said on Sept. 20 last year that he was ``open-minded'' about whether to go ahead with the store.

``We switched contractors and got them to review the design of the tunnel and undertake a report,'' Tesco spokesman Church said today. ``We have now received that report and are currently considering the findings.''

Laing's Ewer said he doesn't know whether a reason has been found for the cave in, which closed Chiltern's London-to- Birmingham route for seven weeks after the line was buried under thousands of tons of rubble piled six-meters deep.

Earnings Decline

Full-year profit at Laing may decline if compensation payments from Tesco, which are to be determined via arbitration proceedings, don't come through in time, Ewer said.

``The reversal of fortunes is very apparent,'' the 52- year-old chief executive said. ``Since the collapse passengers have gone away and stayed away.''

Tesco first unveiled plans for the 27,000-square-foot Gerrards Cross store in 1997 and spent several years planning the construction of a tunnel between road bridges that span the railway track.

District and county councils refused permission for the project amid concern about increased car traffic and the impact on existing retailers. Tesco won the right to build the store after lodging an appeal with the national government.

If successful, the project may pave the way for retailers to construct more shops above rail lines to attract custom from commuters while avoiding limits on green-field development. Tesco has already added corner shops and outlets at petrol stations to expand its network to 1,897 stores, helping it to grab 1 of every 8 pounds spent by British shoppers last year.

To contact the reporters on this story: Sophie Kernon in London at skernon@bloomberg.net ; Angharad Couch in London at acouch2@bloomberg.net .