Ardian and CMB, Chile’s largest fund manager, have agreed to purchase a 33 percent stake in a Chilean toll road business from Brookfield Infrastructure.
The business comprises a 100 percent interest in Vespucio Norte Express, an urban express highway, and Túnel San Cristóbal, a 4-kilometer (2.5-mile) toll tunnel expressway, in Santiago de Chile.
Vespucio Norte Express also includes a 29-kilometer (18-mile) extension of a multi-lane road with a free-flow system, which connects two of the city’s wealthiest areas to the industrial side of the capital.
Túnel San Cristóbal includes two uni-directional tunnels that connect the districts of Providencia and Huechuraba, both densely populated areas.
The remaining concession life of these two assets are 14 and 18 years, respectively.
“The Chilean concession system has become a cornerstone of the economic development of the country,” said Juan Angoitia, senior managing director at Ardian. “The acquisition of two key assets in the urban toll road system of Chile’s capital is a strategic milestone for Ardian Infrastructure.”
While Ardian is active in Chile’s energy sector, the deal marks the firm’s first investment in the country’s transportation sector.
CMB, part of independent investment bank Larrain Vial, has more than $540 million in assets under management. It recently launched its third infrastructure fund, the largest of its kind in Chile. The fund manager has completed 17 investments in multiple infrastructure assets.
