Brookfield Infrastructure’s operations performed well in the third quarter, generating Funds from Operations (‘FFO’) of $338 million. On a per unit basis, FFO was $0.82, a 15% increase over the third quarter in 2018. FFO benefited from organic growth of 9%, which was at the high end of our long-term range. Our asset rotation strategy also positively impacted results, contributing 8% of our FFO per unit growth..
In our latest phase of capital recycling, we have a number of sale processes underway. We are seeing solid demand, in OECD regions in particular, and are encouraged by the attractive returns that our mature assets are commanding. In this regard, we have recently signed agreements to sell three assets at strong valuations, all of which should close in the fourth quarter of this year.
Our strategy continues to be focused on redeploying the proceeds from asset sales into higher returning opportunities. We are progressing several attractive investment initiatives that have either been secured or are in advanced stages. On a combined basis, we expect to deploy $1.1 billion (BIP’s share) in these transactions.