DIF acquires M50 motorway stake from Sacyr
Yesterday, 30 July 2013, Sacyr Group announced that its subsidiary, Sacyr Concesiones, has has reached an agreement to sell 45% of the M50 motorway in Ireland to DIF Infrastructure III, a fund managed by DIF Infrastructure.
This transaction is within the framework of Sacyr's global strategy of rotating mature assets. The transaction is valued at €125.2 million, considering the value of equity and debt.
Sacyr Concesiones holds a stake in another Irish highway, the 56-kilometre N6 between Galway and Ballinasloe, as well as in several infrastructure maintenance contracts.
Sacyr Concesiones was awarded the concession in 2007, as part of a consortium, to upgrade, widen and refurbish the M50 Dublin ring road which is the country's main motorway. That work was completed in 2010
PJ Hegarty and Global Via Infraestructuras are the other partners in the concessionaire. The 35-year concession was granted under the availability payment formula.
The financing is secured through a long term loan with EIB and a group of commercial banks.
Sacyr said that its stake in M6 motorway project in Galway where PJ Hegarty is also investor is not affected by the sale.
Source: Sacyr Group & DIF
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