Harrison Street Acquires Vicinity Energy in $2.92 Billion Deal

CHICAGO, Sept. 30, 2026 /CourierPR/ -- Harrison Street Asset Management, a leading alternative global investment management firm with over $110 billion in assets under management through highly differentiated assets across infrastructure, real estate, and credit strategies, today announced that it has agreed to acquire a majority equity position in Vicinity Energy, Inc. ("Vicinity"), the largest provider of district energy solutions in the United States, from Antin Infrastructure Partners. The transaction values Vicinity at a total enterprise value of $2.92 billion.

Boston-headquartered Vicinity is a leading U.S. district energy infrastructure utility platform providing district heating and cooling services across 12 major cities, including Boston and Philadelphia. The platform serves more than 700 customers across approximately 1,000 buildings, supplying steam, hot water, and chilled water to a diverse customer base spanning commercial properties, hospitals and healthcare facilities, colleges and universities, residential buildings, and other institutions. Vicinity, which is vertically integrated with in-house commercial, operating, engineering, and asset management capabilities, operates through a network of more than 140 miles of underground piping.

District energy systems are a longstanding and essential component of the infrastructure supporting many U.S. cities, with some networks operating for more than 150 years. The asset class comprises a core component of Harrison Street’s infrastructure strategy, and the firm has nearly a decade of experience investing in and operating these assets. Today’s acquisition of Vicinity represents a significant expansion of Harrison Street’s presence in the sector.

The investment further advances Harrison Street’s strategy of investing in essential infrastructure and real estate assets supported by durable demand and long-term growth trends. Since inception, Harrison Street has completed five district energy system investments, including three with universities, one with a government entity, and one with a municipal system.

Harrison Street plans to make the acquisition through a joint venture partnership with Kenon Holdings. The transaction remains subject to customary regulatory approvals and is expected to close in the first half of 2027.

National Bank of Canada Capital Markets served as financial adviser to Harrison Street and Kenon, and Sidley Austin LLP served as legal counsel.

Harrison Street Asset Management, headquartered in Chicago, Toronto, and London with over 600 employees in offices across North America, Europe, Asia, and the Middle East, offers innovative solutions across a variety of closed-end, open-end, and specialized vehicles on behalf of over 1,100 institutional investors and over 300 Registered Investment Advisors.