DIF has completed the acquisition from GCC of a 95% stake in the Sathonay-Camp Gendarmerie PPP project in France.

The €160 million (US$11.5 million) project reached financial close in 2009 and construction was completed in 2012 by GCC. The project has been operational for 3 years and has a remaining concession life of 27 years under an availability based payment scheme with the French Ministry of Interior.

The project, which consists of 42 buildings on a 17 hectare plot and located near Lyon, includes 420 houses, technical and administrative premises, warehouses, sports equipment and a medical unit. The facilities are maintained by Cofely Services (former GDF Suez Energies Service), which also holds the remaining 5% of the SPV shareholding.

Debt financing is secured through a long term fixed rate loan provided by Crédit Foncier de France.

In early October we reported that DIF reached final closing for its fund DIF Infrastructure IV at €1.15 billion (US$1.29 billion). DIF Infrastructure IV has a similar investment strategy to DIF Infrastructure III and will be focused on PPPs and renewable energy projects.

Additionally, DIF Infrastructure III has recently acquired an additional 10% shareholding in the availability based P3 Royal Jubilee Hospital project located in Victoria, British Columbia and  stakes in two operational toll road projects in Ireland from Cintra, the Spanish infrastructure developer.