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Spanish private equity company GED Capital has sold its 30% stake in the concessionaire Metro Ligero Oeste SA, a light rail business in Madrid, Spain.

This announcement comes after, in early March, we reported that OHL Group sold a 28% stake in the metro  concessionaire. At that time, OHL declined to reveal the buyer. Now GED has sold  its stake in the metro project to funds managed by private equity group Aberdeen Asset Management. The deal marks the first exit since GED purchased the infrastructure unit of Ahorro Corporación.

In 2006, Ahorro Corporación along with its partners was granted the 30-year concession and it invested €46 million (US$51.8 million) in the project.

Victoriano Lopez-Pinto, managing partner at GED, responsible for the infrastructure division, said:

“The successful development of the operation performed with Metro Ligero Oeste is a sign of the team’s ability to identify good projects from the bidding phase, that can generate value throughout the life cycle of a concession.”

Metro Ligero Oeste SA runs the ML2 and ML3 light rail lines connecting the towns of Pozuelo (ML2) and Boadilla del Monte (ML3) to the Metro de Madrid subway network at the Colonia Jardín station (Line 10), servicing one of the largest areas of growth in the Community of Madrid.

The ML2 Line has 13 stops, while the ML3 has 16. Thanks to its connection to the Metro de Madrid subway and the Renfe Commuter Train networks, Metro Ligero Oeste integrates an important urban population area within the towns of Pozuelo de Alarcón, Boadilla del Monte and Alcorcón, benefiting a population of 123,000 inhabitants.

Last spring, the Canadian fund Bastion and the insurance Allianz acquired a 19% stake in the company managing the project from Catalan construction company Comsa Emte, who had this asset for sale for nearly four years.