The Paris based Ardian infrastructure fund that bought Ascendi from the Mota-Engil / Novo Banco duo refinanced part of the debt linked to the acquisition of a 3.21% Portuguese concessions block with 11-year maturity. Private placement of EUR 75 million (US$ 84.13 million) occurred last week.

German MEAG, the arm of insurer Munich Re and the French infrastructure-focused fund CM-CIC, participated in the Ascendi concession operations. Ascendi concession is the second largest road network in Portugal with 850 kilometers of road network with 7 toll roads.

Initially, Ardian invested EUR 300 million (US$ 336.53 million) to buy 50% of five Ascendi concessions that were operational and had already completed the renegotiation with the state.