DIF Capital Partners, acting through its third infrastructure fund, has made its first major exit in the Spanish infrastructure concession market, with the agreement to sell its stakes in a Madrid hospital development and several transportation projects in Barcelona and Madrid.
DIF agreed to sell the portfolio alongside its co-investors Swiss Life Asset Managers and Industriens Pension, an industrial Danish pension scheme. The buyer is Brookfield Super-Core Infrastructure Partners, an open-ended infrastructure fund managed by Brookfield Asset Management.
“This is our first major exit in the Spanish infrastructure concession market, and represents an attractive exit for DIF III and our co-investors,” said Andrew Freeman, head of exits at DIF. “It is part of our strategy of proactively targeting the sale of assets from our mature funds which have been successfully optimized.”
The portfolio includes significant shareholdings in concessions of the Majadahonda hospital in Madrid, the Line 9 section IV metro stations in Barcelona, and three transport hubs in Madrid: Avenida de America, Plaza de Castilla and Principe Pio.
DIF invests in a wide range of international, high-quality infrastructure projects that generate stable, long-term cash-flows. The firm has €5.6 billion ($6.1 billion) of assets under management across seven closed-end infrastructure funds and several co-investment vehicles.
The firm has invested in and managed more than 200 infrastructure and renewable energy projects to date.
