DIF Infrastructure III has signed agreements to acquire shareholdings in two operational toll road projects in Ireland from Cintra, the Spanish infrastructure developer.

The acquisitions consist of a follow-on investment in a 46% shareholding in the M4 toll road, increasing the DIF III shareholding to 80%, and an investment in a 75% shareholding in the M3 toll road, for total cash proceeds of €61.1 million (US$69 million). As a result of this transaction, Cintra will retain a 20% stake in both concessions.

M4 and M3 toll road concessions were awarded to Cintra in consortium with SIAC in 2003 and 2007 respectively and reached financial closure in the same period. M4 entered into commercial operation in 2005 and concessional period will expire in 2033, while M3 began operating in 2010 and the concession will run until 2052.

Both roads are located near Dublin and were tendered by the NRA, the Irish Road Authority. Operations, maintenance and lifecycle works are performed by the project companies, and Cintra will continue to provide operational and support services to the projects.

DIF was advised by Stephenson Harwood on legal, KPMG on tax and Infrata on technical aspects.