Infra funds queue up for Spanish toll road

09 July 2019 - 12:00 am UTC

Sacyr is considering offers it has received for a toll road it owns in Andalusia, following the project’s refinancing less than a year ago with institutional investors’ debt, sources said.


The Spanish infrastructure developer has received initial offers for the AP-46 Las Pedrizas toll road, of which it owns 100%, from investors understood to include Ardian, Mirova and Itinere. A source denied reports that Ardian is likely to bid jointly with its Italian partner Gavio Group.


Meridiam in June acquired 85% of another Andalusian toll road scheme, Ausol, from Ferrovial, at a price of EUR 585m – which is understood to be above 12X EBITDA. Given the Ausol precedent, the Sacyr deal is likely to have a similarly high pricing.


Sacyr, which is being advised by Rubicon Infrastructure, has a policy of selling mature assets to reinvest proceeds in new concessions.


Last month, it sold minority stakes in a portfolio of Chilean toll road concessions to Toesca, a Chilean investor, to finance new projects it has been awarded in the Latin American country.


Sacyr won the 28km stretch of the AP-46 toll road stretch connecting the Malaga Province with inland Spain in 2006. The project opened to traffic at the end of 2011.


Last year, the Sacyr-controlled concessionaire secured a EUR 229m refinancing package comprising long-term senior debt from MEAG and German medical industry pension fund Ärtzeversorgung Westfalen-Lippe (AEVWL) and a junior debt tranche from Austria’s Kommunalkredit, as reported.


Neither of the potential buyers responded to a request for comment, while Sacyr declined to comment.



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