Aberdeen Asset Management's Infrastructure Funds (AIF) has announced it has acquired a 49.99% stake in Intertoll Europe’s PPP portfolio for ZAR633.2 million (US$47 million).

The portfolio comprises of shares in the A1 PPP in Poland (15%) and two sections of the M6 in Hungary, Mecsek (10%) and Duna (12.67%).

The A1 motorway follows a 152 km north-south route divided into two phases, linking one of Poland's largest cities, Gdansk, on the Baltic Sea, with the city of Torun.

The M6 motorway is a 65 km section of dual carriageway (2x2 lanes) motorway between Dunaujvaros and Szekszard, south of Budapest.

Pinsent Masons advised on the due diligence, and the sale and purchase agreement.

The assets will be held in a joint venture vehicle, which will be named Intertoll Capital Partners. Group Five, Intertoll Europe’s parent company, will continue to hold 50.01% of the portfolio.

The transaction is expected to be concluded by March and remains subject to conditions precedent.

Group Five explained in a statement:

“The transaction creates a strategic alliance with AIF, which will coinvest with the company in future projects that provide access to capital, improving Group Five’s ability to participate in the development, investment, operations and maintenance of global concession assets,”