The Transport Infrastructure Investment Company (TIIC)'s Fund II is in the process of acquiring a 13.4% stake in a SEM Los Tranvías de Zaragoza S.A., concessionaire of a light-rail system in Zaragoza, a city in north-east Spain, from Concessia Cartera y Gestión de Infraestructuras S.A. and Ibercaja Banco S.A.

SEM Los Tranvías de Zaragoza S.A. signed a 35-year concession contract to construct, finance and operate a light-rail line connecting Valdespartera, to the south-west of the city centre, and Parque Goya, to the north, in 2009.

The remaining stakes in the company are owned by Acciona, Construcciones y Auxiliar de Ferrocarriles (CAF), FCC and TUZCA, an urban transport service provider in Zaragoza.

The status of the transaction is not clear. The government of Zaragoza has announced that it is taking place, confirming that due to the stake being less than 20%, it does not require official authorisation. However, Ibercaja has reportedly stated that the sale has not yet closed. TIIC has not disclosed any information.