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DIF sells a stake in the A63 toll road in France
Transactions - MARCH 26, 2019

DIF sells a stake in the A63 toll road in France

by Jody Barhanovich

DIF, through DIF Infrastructure IV, has completed the sale of a 9.2 percent indirect stake in Atlandes, the project company that holds the A63 road concession project in France, to a joint venture between AXA Investment Managers – Real Assets, acting on behalf of clients, and Crédit Agricole Assurances.

The project is a 40-year toll concession to design, build, finance, operate and maintain an upgraded 64.6-mile section of the A63 highway between Salles and Saint-Geours-de-Maremne, in southwest France. The project was commissioned in November 2013, seven months ahead of plan. In June 2015 the project’s senior debt was successfully refinanced with long-term debt.

DIF Infrastructure IV targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.

Andrew Freeman, head of exits, said, “This is an opportune time for DIF IV to exit the project and evidences our strategy of proactively monitoring the portfolios of our mature funds and taking advantage, when appropriate, of strong demand for high-quality core infrastructure projects in mature markets.”

DIF was advised by Depardieu Brocas Maffei (Legal). AXA Investment Managers – Real Assets and Crédit Agricole Assurances were advised by Orrick (Legal).

DIF is an independent infrastructure fund manager, with €5.6 billion ($6.3 billion) of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies.

 

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