Mirova, an affiliate of Natixis Investment Managers dedicated to responsible investing, has acquired stakes of 23.8 percent and 35.2 percent respectively in ViaExpresso and ViaLitoral from several industrial sellers. These two concession companies operate a portion of Madeira’s highways in Portugal.
In service since 2005, the ViaExpresso motorway comprises several expressway sections, with a combined length of around 43 miles. The ViaLitoral motorway is more than 22.4 miles in length and has been operational since 2001.
This is the first deal that has been closed in Portugal by Mirova Core Infrastructure Sarl, a company fully owned by the Mirova Core Infrastructure Fund. The €700 million ($875 million) fund is dedicated to brownfield private public partnerships (PPP) in Continental Europe and is managed by Mirova.
The deal follows several other European acquisitions, including a 24.7 percent equity interest in Metro de Malaga (Spain), 85 percent shareholding in Aton – the cogeneration and heating network in Udine (Italy), and 80 percent ownership of a portfolio of healthcare assets operating in the Balearic Islands (Spain) consisting of Hospital Universitario Son Espases in Palma and Hospital Can Misses in Ibiza.
To date, the Mirova Core Infrastructure Fund is fully committed and has invested predominantly in European PPP and infrastructure concessions, spanning from transportation to broadband networks, and a wide range of social infrastructure projects.
Mirova was advised by CaixaBI, Linklaters, ALG, KPMG and Willis Towers Watson in the transaction, while the sellers were advised by Haitong Bank and Vieira de Almeida.
