Vauban IP, an affiliate of Natixis Investment Managers, recently announced the acquisition of a portfolio of brownfield assets composed of 6 PPP/concession contracts of assets located in Spain, from its industrial partner FCC.
Through this acquisition and together with the pre-existing participations in the portfolio assets, Vauban will hold a majority control and strong governance on the portfolio companies focusing on long-term, sustainable and shared value to all the stakeholders. The portfolio consists of assets that benefit from a stable and regulated contractual framework, with a mix of long-term availability-based payments and traffic-based payments from the grantor. The portfolio is also well-balanced, with an exposure to diverse sectors, such as social infrastructure and urban mobility:
- Cedinsa is a Spanish group of 5 companies in Barcelona responsible for the construction, operation and maintenance of four shadow toll road concessions, C-16 Eix Llobregat, C-17 Ter, C-25 Eix Transversal and C-35 D’aro. The network spans almost 267 km, which gives the company a leading position in highway management in the region. The shadow toll roads are in operation from 2007, while all the operations & maintenance activities are carried out by a company.
- Ceal9 is responsible through a 32-year PPP agreement for the construction of section one of the line 9 of the metro in Barcelona, as well as for the operation and maintenance of the associated infrastructure. The asset is in operation from 2008.
- Urbicsa is a PPP contract awarded in 2003 for the construction, maintenance and operation of a judicial building in Barcelona. The contract term is 2039.
The portfolio exhibits a strong resilience to the current sanitary crisis and the ensuring restrictions imposed on the economy. In addition, Vauban, as a long-term investor, works to achieve a positive impact for decades ensuring satisfaction of all clients, either users or public authorities.
Ramon Parra, Investment Director at Vauban IP comments: “Vauban consolidates its presence in these key assets of our portfolio by acquiring controlling stakes and very strong governance in its investments. Once again, we succeed in our strategy to develop our deal flow and portfolio from our strong relation with industrial partners, another proof of our agility and capacity to source and close the best deals in the market.”
Maxime Buisson, Investment Director at Vauban IP adds: “The acquisition of the portfolio of assets in social infrastructure and mobility in Spain further reinforces our footprint in the country and our strong relationship with local industrial partners and authorities. Vauban over the many years has proved to be a reliable partner with a strong focus on the interest of the local stakeholders”.
Vauban Infrastructure Partners
Affiliate of Natixis Investment Managers
Société en Commandite par Actions – Limited Partnership by shares
Share capital : €10 076 680.20
Regulated by the Autorité des Marchés Financiers (AMF) under n° GP – 19000044
RCS Paris 833 488 778
115 Rue Montmartre
Natixis Investment Managers
RCS Paris 453 952 681
Share Capital: €178 251 690
43 avenue Pierre Mendès France
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.