European asset manager DIF has completed the acquisition of two 49% stakes in separate highway concessions from the Chilean family offices that owned them, according to 11 November stock market filings.
The purchase of both 24.5% stakes held by Inversiones Corso and Inversiones Auguri in the Concepción-Cabrero Highway (Valles del Bío Bío) and the Iquique Access Road (Rutas del Desierto) represents the Dutch infrastructure manager’s first investment in Chile since it opened an office in the country in June 2019.
BTG Pactual advised the sellers on the transaction.
DIF will become the equity partner of Spanish developer Sacyr and Chilean fund manager Toesca, who indirectly hold a combined 51% stake in both projects through holdco Conceiones Viales Andinas.
Toesca Infraestructura Fondo de Inversión paid EUR 110m (USD 125m) to acquire a 49% stake in the holdco from Sacyr in June 2019.
Corso and Auguri, both shareholders of retail group Falabella, had bought the 49% stakes from Sacyr in 2011 for a total USD 232m, paying USD 158m and USD 74m for the Concepción-Cabrero highway and Iquique Access Roads, respectively.