Harrison Street Asset Management to acquire Vicinity Energy
Formed in 2019 by Antin Infrastructure Partners after carving out Veolia’s U.S. district energy operations, the platform has been owned by Antin for roughly seven years.
Antin Infrastructure Partners has agreed to sell a majority stake in Vicinity Energy, the largest owner and operator of district energy systems in the United States, to Harrison Street Asset Management at a $2.92 billion enterprise value. Harrison Street is making the acquisition through a joint venture with Kenon Holdings.
Boston-based Vicinity operates 19 systems across 12 cities, providing heating and cooling to roughly 250 million square feet of building space and serving higher education, healthcare, government, data center and commercial customers. “Under Antin’s ownership, Vicinity has become one of the most successful standalone district energy platforms in the US,” said Guillaume Friedel, senior partner, and Hamza Fassi-Fehri, partner at Antin.
The acquisition is expected to provide additional capital for Vicinity's next stage of expansion and infrastructure investment while continuing its electrification and modernization efforts.
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