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Transportation and the rise of the ‘secondary city’ – a case study

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February 2, 2022

Changing consumer preferences and the rise of so called ‘secondary cities’ has led to a reframing and in some cases rethinking of transport and logistics systems, a trend that continues to play out in line with new urbanisation dynamics and land use patterns.

Well documented is the shift in spending patterns away from the consumption of services towards the purchase of goods which has been spurred on by the COVID disruption and lockdowns. This shift has resulted in higher expectations from consumers for cheap and reliable delivery and a new competitive frontier for businesses which has in turn pushed transport and logistics networks to improve.

The maturation of e-commerce has led to a move away from cheapest and fastest route to market to deliver goods just in time and towards more resilient supply and logistics chains that can withstand short term disruptions.

Meanwhile, populations have spread out of the major and mega cities, creating secondary cities which are now developing their own major transportation hubs as workers seek more flexible arrangements and alternatives to inhabiting major metro areas.

While long term trends in population movements might not yet be discernible, analysis of United States Census data has shown that the largest cities have experienced the biggest negative growth for the year to July 2020.

Salt Lake City, Utah in the United States is an example of one of the so called secondary cities. This is the home of Igneo portfolio company Patriot Rail’s recent bolt on acquisition Salt Lake, Garfield & Western Railway. This acquisition will likely be the beneficiary of post-COIVD changes in urbanisation and land use patterns.

Patriot Rail has 13 short line railroads across 14 states in the US covering close to 600 track miles carrying cargo relating mostly to paper, packaging, building products and other consumer-driven commodities benefitting from the e-commerce goods and decentralising cities trends.

Anticipating the growing size of these decentralised city hubs Patriot Rail will also acquire parcels of land in specific regions, something it is currently doing in Salt Lake City.

In addition to Salt Lake, Garfield & Western Railway, Patriot Rail will continue to pursue acquisitions of industrial pods to play out this secondary cities theme and is evaluating two new acquisitions in Northern California and the other in the Forth Worth region in Texas. Both of these potential acquisitions will look to bring capital to improve services as e-commerce booms in these regions.

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If any provision of these Terms is found by any court or authority of competent jurisdiction to be illegal, void or invalid under the laws of any jurisdiction, the legality, validity or enforceability of the remainder of these Terms in that jurisdiction shall not be affected and the legality, validity and enforceability of the whole of these Terms in any other jurisdiction shall not be affected.

Third Parties: Igneo Infrastructure Partners’ affiliates shall have the benefit of the rights conferred on them by these Terms but otherwise no person who is not a party to these Terms may enforce its terms under the Contracts (Rights of Third Parties) Act 1999.

Applicable Law: These Terms and any non-contractual obligations arising from or connected with them shall be governed by, and these Terms shall be construed in accordance with, the laws of England and Wales.

Jurisdiction: You agree that the English courts shall have exclusive jurisdiction in relation to any legal action or proceedings arising out of or in connection with these Terms (whether arising out of or in connection with contractual or non-contractual obligations) (“Proceedings”) and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum. You further agree that this paragraph operates for the benefit of Igneo Infrastructure Partners and accordingly Igneo Infrastructure Partners shall be entitled to take Proceedings in any other court or courts having jurisdiction.

Contact Us: If you have any enquiries in relation to this Website or the information on it, please contact Igneo Infrastructure Partners at IR@igneoip.com

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Important information about access to this website

GENERAL TERMS AND CONDITIONS OF THIS WEBSITE

All users of services accessible through this site acknowledge and agree to the terms and conditions set out below. If you do not accept the terms and conditions, you are not authorised to use this site.

GENERAL

Information on this site is provided by First Sentier Investors (US) LLC (“First Sentier Investors”), which is a member of MUFG, a global financial group (the “Group”). First Sentier Investors provides its services to or through wholly owned subsidiaries of the Group. Information provided on, and available from, this site does not constitute financial, insurance, legal, accounting or taxation advice, and shall not be relied upon by you in that regard. The information does not purport to be comprehensive, nor does it take into account the objectives and circumstances of the individual investor. You are responsible for ensuring that you are properly informed about any securities, taxation or other legislation or law that could affect your investment decision. You should obtain advice specific to your investment objectives, financial situation and particular needs before making any investment decision. This site shall not be used, or relied upon by you, as a substitute for your independent research or professional advice that may be provided to you in consultation with a First Sentier Investors representative and/or your other advisers.

You acknowledge and agree that past performance is not an indicator of future returns and that references to performance on this site are provided as historical benchmarks only.

First Sentier Investors’ products and services are available only in jurisdictions where they may be lawfully offered for sale or provided, and not all of First Sentier Investor’s products and services are available in all geographic regions. As such, certain products and services may not be available in your jurisdiction. You are responsible for complying with all relevant local, national and other laws. All First Sentier Investors’ products and services shall be subject to the terms and conditions of any applicable agreements. You agree that your use of this site shall be on an “as is” basis entirely at your risk. None of the Group, nor its affiliated companies, nor any officer, director, or employee thereof, nor any person associated with the creation of this site or its contents, shall be liable or responsible to any person for any harm, loss or damage that may arise in connection with your use of this site or the information contained thereon, including without limitation any direct, indirect, special, third party or consequential damages. Without limiting the foregoing, none of the Group, nor any of its affiliated companies shall be responsible for any detrimental reliance that you may place upon this site or its contents whatsoever.

Unless otherwise specifically stated, the material on this site is for information purposes only and nothing on this site:

- constitutes an offer of any financial product or an offer generally;

- constitutes an invitation to subscribe for a financial product, or

- amounts to a solicitation for any business in Australia, the United States or in any other place.

ACCURACY OF INFORMATION AND LIMITATION OF LIABILITY

The information contained on this site is subject to modification and update from time to time without notice. None of the Group, nor any of its affiliated companies warrants as to the accuracy, completeness or currency of information that is made available on or through this site.

None of the Group, nor any of its affiliated companies will be liable for or in connection with any harm, loss or damage that may arise in connection with your use of this site or the information contained thereon, including without limitation any direct, indirect, special, third party or consequential damages, arising from any inaccuracies, errors or omissions in information made available through this site (whether arising in contract, from negligence or otherwise). However, First Sentier Investors will endeavour to update the information on this site as soon as practicable when it becomes aware that material changes have occurred.

THE INVESTMENT RISK

Investments in the products described on this site are not investments, protected accounts, deposits or liabilities of the Group or any of its affiliated companies for the purpose of the Banking Act of 1959 of Australia and are subject to investment and other risks. Furthermore, investments in the products described on this site are not insured or guaranteed by the United States Federal Deposit Insurance Corporation or any other governmental agency of the United States, Australia or any other jurisdiction. Neither the Group nor any of its affiliated companies guarantee the repayment of capital or the performance of any of the funds or any particular rate of return from the fund, or any taxation consequences of, any investment in a fund which is made under the information available from this site.

COPYRIGHT

First Sentier Investors and related logos are trademarks registered in United States. Copyright in the information provided on, and available from this site is owned by First Sentier Investors and its affiliates. You may not alter or modify this information in any way. This information may be viewed on-line and may be reproduced in hard copy only for your personal reference. You may only use the trademarks and copyright material at this site with First Sentier Investor’s express permission and in accordance with First Sentier Investor’s directions from time to time. The use of, and creation of links to, this site are at the risk of the user and are subject to First Sentier Investor’s rights and the user's general legal obligations. First Sentier Investor’s Limited makes no warranty and accepts no liability in relation to use of the trademarks outside Australia. For further information about creating links to this site and about using the First Sentier Investor’ material, see our guidelines below or contact our office on +1 212 497 9980 or inquiries@firststateinvestments.com.

GUIDELINES

If you wish to create a link from your site to this site, in addition to the general terms and conditions you have read and agreed to above, you acknowledge and agree to the following.

If First Sentier Investor’s allows you to use its copyright material you may use it only in accordance with its directions from time to time, using only material supplied or approved by it, without any alteration and incorporating notices indicating First Sentier Investor’s ownership of copyright material.

First Sentier Investor’s may take legal action in respect of any use of the its name or copyright material, without the its permission, other than in accordance with the its directions or in breach of the Group 's rights or your general legal obligations.

PRIVACY

Hypertext links

Reference on this site to products or services of third parties does not mean that First Sentier Investors endorses or approves such products or services, and is provided only for convenience. First Sentier Investors neither endorses nor approves links to other web sites or third parties and their products or services, and is not responsible for any incompatibility, inconvenience, or contamination by computer viruses or worms, Trojan horses or any other destructive agent originating from these sites. Linking to other sites is at your own risk, and First Sentier Investors will not be held liable for any damage caused by such links.

Internet e-mails and other electronic communications

The confidentiality and security of transmission of e-mails and other electronic communications via the Internet are not guaranteed. E-mail and other electronic communications are not confidential and may be intercepted, lost, or even modified. First Sentier Investors is not responsible for any harm or damage that you or any other person may incur by transmitting via the Internet to First Sentier Investments e-mails or other electronic communications containing personal or confidential information, or by receiving from First Sentier Investors e-mails sent to you at your request. Please click the "I have read and agree to the above information" button below if you have read and understood this page and agree to abide by its contents, otherwise click "Cancel" to leave the website.

Privacy policy

First Sentier Investment (US) LLC, as a member of the Mitsubishi UFJ Financial Group (MUFG), a global financial group. MUFG Group respects your concerns about privacy. This Privacy Notice describes the types of personal information we obtain about users in connection with First Sentier Investments (US) LLC products and services that link to this Privacy Notice, how we may use the information, with whom we may share it, and the choices available to users regarding our use of the information. The Privacy Notice also describes the measures we take to safeguard the personal information and how individuals can contact us about our privacy practices. This Privacy Notice does not apply to other MUFG Group products and services that post separate privacy notices.

1. How is your personal data dealt with?

In the course of doing business we outsource certain tasks to third party administrators or agents. These third parties are bound by confidentiality arrangements when handling your personal data. Your personal data may also be used by us to:

establish your identity and assess applications for products and services

price and design our products and services

administer our products and services

manage our relationship with you

manage our risks and help identify and investigate illegal activity, such as fraud

contact you, for example if we suspect fraud on your account or need to tell you something important

conduct and improve our businesses and improve the customer experience

comply with our legal obligations and assist government and law enforcement agencies or regulators

identify and tell you about other products or services that we think may be of interest to you.

We may also collect, use, and exchange your information in other ways where permitted by law.

If you used a financial advisor in relation to your investment then details of your investments may also be provided to such financial advisor (or any replacement or additional advisor which you inform us of).

We aim to ensure that the personal information we retain about you is accurate, complete, and up to date. If you provide us with incomplete or inaccurate information, we may not be able to provide you with the products or services you are seeking.

2. What personal data do we collect?

First Sentier Investors (US) LLC collects personal data on investors, clients, intermediaries and business contacts via application forms, other First Sentier Investors (US) LLC forms, investment management agreements, correspondence, business cards, phone, fax, e-mail, and on-line. Personal data collected may include:

your name

your mailing address

your phone numbers

your e-mail address

your personal and financial information (e.g., income, net worth, marital status, etc.)

your social security or tax identification number

3. How we protect personal information

We maintain administrative, technical, and physical safeguards designed to protect personal information we obtain in connection with the Services against accidental, unlawful, or unauthorized destruction, loss, alteration, access, disclosure, or use.

4. Cookies

Cookies are small data files that are sent to and stored on your computer, smartphone or other device used to access the internet, whenever you visit a website. We use cookies to enable and improve certain functions on our website and gain feedback on how our website is used. If you choose to switch certain cookies off, it will affect how our website works.

Cookies are useful because they allow a website to recognize the device you are using. As First Sentier Investors (US) LLC and its associated companies are based in various jurisdictions and operate different websites for each regional business, we use cookies to store general information such as the region where you are based, the language in which the site is being viewed (for example English, Chinese), and the type of client you are. This helps us tailor our website to better suit your requirements. The cookies we use here are ‘session’ cookies and will be removed every time you leave our website.

We use analytics cookies to collect information on website activity (such as the number of users who visit our website, the date and time of visits, the number of pages viewed, navigation patterns, what country and what systems users have used to access the site and, when entering our website from another website, the address of that web site). This information on its own does not identify an individual but it does provide us with statistics that can be used to analyze and improve our website. These cookies are ‘session’ cookies.

The browsers of most computers, smartphones, and other web-enabled devices are usually set up to accept cookies. If your browser preferences allow it, you can configure your browser to accept all cookies, reject all cookies, or notify you when cookies are set. Each browser is different; check the "Help" menu of your browser to learn about how to change your cookie preferences.

Please remember that cookies are often used to enable and improve certain functions on our website. If you choose to switch certain cookies off, it will affect how our website works and certain functionality may not work. More information about cookies can be found on allaboutcookies.org.

5. Links to other web sites

Our web site may contain links to non-First Sentier Investors (US) LLC web sites. While such links are provided for your convenience, you should be aware that the information handling practices of the linked websites might not be the same as ours. You should review any privacy policies on those linked websites. We are not responsible for any linked websites.

6. Telephone services

We may monitor and record telephone calls for training and security purposes.

7. Data transfers

We may transfer the personal information we obtain about you to countries other than the country in which the personal information originally was collected, including the United States. Those countries may not have the same data protection laws as the country in which the information initially was provided. To the extent required by applicable law, when we transfer your personal information to recipients in other countries, we will take measures to protect that information.

8. Retention of personal information

To the extent permitted by applicable law, we retain personal information we obtain about you as long as (1) it is needed for the purposes for which we obtained it, in accordance with the provisions of this Privacy Notice or (2) we have another lawful basis for retaining that data beyond the period for which it is necessary to serve the original purpose for collecting the data.

9. Updating your information

It’s important that we have your correct details, such as your current address and telephone number. You can check or update your information by contacting your relationship manager. If the information we hold is inaccurate, incomplete or outdated, please inform us so that we can correct it. If we deny access to your personal information, we will, unless prevented by law or regulation, let you know why.

If you have any questions or would like further information on our privacy and information handling practices, please contact us.

10. Children’s personal information

We do not knowingly collect or solicit personal information from children under the age of 13. If you believe that a child under the age of 13 may have provided us with personal information, please contact us as specified in the How to Contact Us section of this Privacy Notice.

11. Updates to our Privacy Notice

This Privacy Notice may be updated periodically and without prior notice to you to reflect changes in our personal information practices. We will post or provide a notice to notify you of significant changes to our Privacy Notice and indicate at the top of the notice when it was most recently updated.

12. How to contact us

If you have any questions about this Privacy Notice, or if you would like us to update information we have about you or your preferences, please contact us by e-mail at inquiries@firststateinvestments.com, or by phone at (212) 497-9980.

You also may write to us at:

First Sentier Investors (US)

10 East 53rd Street, Floor 21

New York, NY 10022

United States of America

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Important information

Privacy policy

1. How is your personal data dealt with?

2. What personal data do we collect?

3. How we protect personal information

4. Cookies

5. Links to other web sites

6. Telephone services

7. Data transfers

8. Retention of personal information

9. Updating your information

10. Children’s personal information

11. Updates to our Privacy Notice

12. How to contact us