John Laing Infrastructure Fund completes acquisition in Spain
John Laing Infrastructure Fund (JLIF) has announced that it has completed the acquisition of an additional 13.5% interest in the Barcelona Metro Stations Line 9 Section II project and a 13.5% interest in the Barcelona Metro Stations Line 9 Section IV project. The interests were acquired from co-shareholder Acsa, Obras e Infraestructuras, S.A.U., a member of the Sorigué group.
The aggregate consideration was approximately €62.5 million (US$68.6 million). Given recent movements in currency exchange rates JLIF has funded the full consideration by drawing in Euros on its multi-currency revolving credit facility.
As we reported in May, the deal includes an incremental investment in Section II and the acquisition of the interest in Section IV. JLIF's existing 40% interest in Section II was acquired in January 2016 from Iridium Concesiones de Infraestructuras, a subsidiary of Grupo ACS. Having reached financial close in 2008, approximately two years prior to Section II, Section IV is a similar project in that it does not retain any construction risk and full availability payments are being received from the same client IFERCAT, a public agency of the Catalonian Government, over a remaining concession of 24 years.
These acquisitions further consolidate JLIF's entry into the Spanish PPP market and increase the total number of assets in JLIF's portfolio.
Andrew Charlesworth from John Laing Capital Management, Investment Adviser to JLIF, said:
"These high quality assets increase JLIF's geographic diversification and provide it with long-term, low risk, government-backed revenues. We look forward to working in partnership with all stakeholders in the projects to ensure their continued success."
Country news
-
-
July 14, 2016
Globalvia submits bid to acquire Itinere
Globalvia, the Spanish PPP operator controlled by OPTrust, PGGM and USS, has submitted a bid to acquire a majority interest in Itínere, a Spanish operator of toll roads. The value of the transaction could reach €1 billion (US$1.1 billion).
Read more -
July 12, 2016
Sacyr and Eiser refinance Madrid transport hubs
Sacyr Concesiones, along with its partner EISER Infrastructure Partners, recently closed the refinancing of the debt in the concession companies which operate and manage Moncloa and Plaza Elíptica Transport Hubs in Madrid (Spain) for a total amount of €190 million (US$210 million). Read more -
July 04, 2016
OHL to sell 7% stake in Abertis
OHL Emisiones, S.A.U., a wholly-owned subsidiary of Obrascón Huarte Lain, S.A. (OHL), recently announced the commenced of a private placement among qualified investors of 69,326,692 shares of Abertis Infraestructuras, S.A., representing 7.0% of the share capital of Abertis. Read more -
July 04, 2016
Isolux Corsan announces a restructuring plan
In recent weeks, Isolux Corsan has been engaging with its core banks and their advisers, Jones Day and KPMG, and the ad hoc group of bondholders and their advisers, Linklaters and PJT. Those discussions have resulted in the restructuring proposal. The company is confident it will obtain the necessary majorities to implement the transaction principally by way of Spanish homologation. Read more -
June 24, 2016
EQT Infrastructure sells Parkia to First State Investments-managed fund
EQT Infrastructure Limited (EQT) and Mutua Madrileña have signed a definite agreement to sell Parkia to First State European Diversified Infrastructure Fund (First State Investments). The agreement is subject to anti-trust approval and is expected to close during Q3 2016. The parties have agreed to not disclose the transaction value. Read more
