Goldman Sachs Infrastructure Partners (GSIP) is to shortlist first-round bidders for Redexis Gas, S.A. within days, sources said. Binding bids for the asset will likely be due in March 2017, two sources said. The seller received indicative bids from a consortium comprising Allianz SE (DB:ALV), Borealis Infrastructure Trust and China Investment Corporation.

Another consortium between First State Investments and Canada Pension Plan Investment Board (CPPIB) also submitted an offer. J.P. Morgan Asset Management, Inc. (JPMorgan), Abu Dhabi Investment Authority (ADIA) and Arcus Infrastructure Partners LLP also placed bids, a source briefed on the matter said. However, Arcus is unlikely to acquire the asset on its own, the person added.

Some smaller funds, such as Arcus, are likely to participate in this first round in order to syndicate the equity in the second, a source close to the deal said. A second German fund is also considering a bid, another source close said, as was a Chinese company, possibly China Enterprise Company Limited (SHSE:600675). Cheung Kong Infrastructure Holdings Limited (SEHK:1038) (CKI) was also considering an offer, according to previous press reports.

Allianz, Arcus, Borealis and CPPIB declined to comment. ADIA, CIC, First State, GSIP, and JPMorgan were not available for comment.