DIF Infrastructure III and DIF Infrastructure IV have jointly signed an agreement with HICL Infrastructure Co., the listed infrastructure investment company advised by InfraRed Capital Partners Limited, to sell a 7.2 percent indirect stake in Atlandes, the project company that holds the A63 road concession project in France. The acquisition is not subject to any further conditions and will complete later this month.
The project is a 40-year toll concession to design, build, finance, operate and maintain an upgraded 104-kilometer section of the A63 highway between Salles and Saint-Geours-de-Maremne in southwest France. The project was fully commissioned in November 2013, seven months ahead of plan. In June 2015, the project’s senior debt was refinanced with long-term debt.
DIF Infrastructure IV will continue to hold a 9.22 percent stake in the A63 project.
“This is an attractive exit for DIF III and DIF IV, following the successful exit of the whole portfolio of DIF II and a number of DIF III assets that completed last September,” said Andrew Freeman, head of exits. “In the next 12 months, DIF is proactively targeting to sell further assets from its more mature funds, taking advantage of strong demand for high-quality core infrastructure projects in mature markets.”
DIF was advised by De Pardieu Brocas Maffei (Legal).
