3i Group plc announced that the 3i European Operational Projects Fund has agreed to invest over EUR 100 million (US$ 111.91 million) in four projects across Europe, taking total investment to 40% of the fund within a year of final close: Cascais Hospital, MFM Capital, DISA Assets Limited, Fermoy and Limerick motorways.

The Fund has acquired a 90% stake in TDHOSP - Gestao do Edificio Hospitalar, S.A., the concessionaire in charge of the design, build, financing, operation and maintenance of Cascais Hospital, a 277-bed facility located close to Lisbon. The stake was acquired from Teixeira Duarte Group, a Portuguese construction company, who will retain a minority stake. The concession was granted by the Portuguese State in 2008 with a duration of 30 years, and became operational in February 2010.

3i EOPF has also completed the acquisition of a 95% stake in MFM Capital, a portfolio holding company, from Rekeep SpA (formerly Manutencoop Facility Management). The portfolio comprises stakes in four hospitals located in Monza, Legnano, Verona and Modena, the Terza Torre office accommodation building in Bologna (in which 3i EOPF already owns a stake) and an electricity efficiency project in Alessandria.

The Fund has completed the acquisition of DISA Assets Limited, which leases a fleet of 54 new Alstom passenger trains to Abellio Rail Mitteldeutschland GmbH in Germany. DISA Assets Limited was sold by NS Financial Services, part of the Dutch railway group NS. The 14-year concession was granted by three local Public Transport Authorities and became fully operational in December 2018. This is a stable asset with an attractive yield profile and builds on 3i’s successful investments in the rail sector.

Lastly, the Fund, alongside infrastructure investor TIIC, has signed an agreement to invest in two motorway projects in the Republic of Ireland. The two projects are Fermoy, a 17.5km section of the M8 motorway between Dublin and Cork, and Limerick, a 10km section of the M7 ring road around the city of Limerick, including a 675m tunnel under the Shannon river. The concession contracts, granted by Transport Infrastructure Ireland, will run until 2034 and 2041 respectively.

3i EOPF, which is managed by 3i’s infrastructure team, is a EUR 456 million (US$ 510.35 million) fund investing in operational projects across Europe, with a focus on France, the Benelux, Germany, Italy and Iberia.  It targets a wide range of sub-sectors, primarily social infrastructure and transportation, but also telecoms and utilities. It aims to provide a long-term yield to institutional investors.