Mirova, an affiliate of Natixis Investment Managers dedicated to responsible investing, has conducted the acquisition of ownership stakes of 23.8% and 35.2% respectively in ViaExpresso and ViaLitoral from several industrial sellers. These two concession companies operate a portion of Madeira’s highways in Portugal.
In service since 2005, the ViaExpresso motorway comprises several expressway sections with a combined length of around 69 km, while the over 36 km-long portions of the ViaLitoral motorway are operational since 2001.
This is the first deal closed in Portugal by Mirova Core Infrastructure Sarl, a company fully owned by Mirova Core Infrastructure Fund (MCIF), a €700m investment fund dedicated to brownfield PPP1 in Continental Europe managed by Mirova. It follows several other European acquisitions including a 24.7% equity interest in Metro de Malaga (Spain), 85% shareholding in Aton – the cogeneration and heating network in Udine (Italy), and 80% ownership of a portfolio of healthcare assets operating in the Balearic Islands (Spain) consisting of Hospital Universitario Son Espases in Palma and Hospital Can Misses in Ibiza.
Gwenola Chambon, Head of General Infrastructure Funds at Mirova said: “This transaction demonstrates Mirova’s ability to quickly deploy capital across Continental Europe and is consistent with our ambition to deliver long-term investment opportunities to our clients, while supporting the sustainability of local economic and community development. We now look forward to working with our consortium partners, including AFA, Tecnovia, Somague, BPI and Região Autónoma da Madeira, to facilitate the continued delivery of high-quality service”.
Vincent Cassagne and Christelle Destors-Lepoutre, Investment Directors, added: “This transaction represents an important step forward in our pursuit of high quality assets across Europe and fits perfectly with MCIF diversification strategy.”
To date, MCIF is fully committed and has invested predominantly in European PPP and infrastructure concessions, spanning from transportation to broadband networks, and a wide range of social infrastructure projects.
Mirova was advised by CaixaBI, Linklaters, ALG, KPMG and Willis Towers Watson in the transaction, while the sellers were advised by Haitong Bank and Vieira de Almeida.
Note to the reader:
Mirova Core Infrastructure Fund (MCIF) is Mirova’s first fund dedicated to regulated infrastructures in Continental Europe that are already operating (“brownfield”). The Fund benefits from a portfolio comprising a high level of quality seed assets. With this new strategy, the Mirova team builds on its past achievements. Mirova already has a track record on managing operating projects as well as an in-depth knowledge of Europe markets. In addition, the team’s soundness and reliability have been confirmed through the Fund’s successful fundraising in excess of the initial objectives. While the initial target was of €500m, the Fund hit a €700m final close in July 2016. MCIF is no longer open for subscription. Its strategy is to purchase brownfield assets in Continental Europe, with a buy & hold approach throughout the Fund’s 25-year lifespan. With MCIF, it is possible to funnel long-term savings toward regulated real assets with long-term yield profiles. The Fund has been authorised by the Luxembourg Commission for the Supervision of the Financial Sector (“CSSF”). The Fund’s investment objective, strategy and main risks are described in its regulatory documents. Its fees, charges and performances are also described in these documents. Investments in the Fund are mainly subject to loss of capital risk.
An affiliate of Natixis Investment Managers
A subsidiary of Natixis Asset Management
Limited liability company
Share Capital: €7 641 327.50
Regulated by the Autorité des Marchés Financiers (AMF) under n° GP 02014.
RCS Paris n° 394 648 216
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Natixis Asset Management
A subsidiary of Natixis Investment Managers
Limited liability company
Share capital €50,434,604.76
Regulated by the Autorité des Marchés Financiers (AMF) under no. GP 90-009
RCS Paris n°329 450 738
21 quai d’Austerlitz 75634 Paris Cedex 13
Natixis Investment Managers
RCS Paris 453 952 681
Share Capital: €178 251 690
21 quai d’Austerlitz, 75013 Paris
This communication is for information only and is intended for investment service providers or other Professional Clients. The analyses and opinions referenced herein represent the subjective views of the author as referenced unless stated otherwise and are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.