Allianz Capital Partners (ACP) and Bastion Infrastructure Group (Bastion) have acquired equity interests in three operating essential Spanish infrastructure assets from Comsa Emte Concesiones. The parties have contractually agreed not to disclose the purchase price.
The acquisition includes 100% of Comsa Emte’s interests in three concession assets, two granted in connection with the Metro Line 9 commuter rail line in Barcelona and one in connection with the Metro Ligero Oeste commuter rail line in Madrid. All assets are fully operational with strong yield generation and are granted under long-term concessions with effectively availability-based payment schemes, with a remaining weighted average life of 26 years.
“With this investment we support essential transportation services for the communities of Madrid and Barcelona. Together with Bastion, the other co-shareholders and the grantors of the concessions we will contribute to ensure operational excellence and customer satisfaction” said Christian Fingerle, Chief Investment Officer responsible for infrastructure investments at Allianz Capital Partners.
“The disinvestment of these assets is part of the deleveraging strategy of the Group, in order to strengthen its development in the key activity areas of infrastructure and civil and railway engineering, in both the national and international markets”, said Jorge Miarnau, president of Comsa Emte.
Rubicon Infrastructure Advisors acted as exclusive financial advisor to Comsa Emte with respect to this transaction. BBVA Corporate Finance acted as financial advisor to ACP and Bastion. Legal advice was provided by Cuatrecasas, Gonçalves Pereira to Comsa Emte and by Uria Menendez to ACP and Bastion.