UBS Asset Management’s Real Estate & Private Markets business has acquired 100 percent of the equity interest in Autovía del Camino, a concession toll road located in Northern Spain.
UBS acquired the toll road through UBS International Infrastructure Fund II. The full equity interest is being acquired from RREEF Pan-European Infrastructure Fund, an infrastructure fund managed by Deutsche Alternative Asset Management (Global) Limited.
Autovía del Camino comprises a two-lane carriageway in each direction, connecting the northern Spanish cities of Pamplona, the capital of Navarra, and Logroño, the capital of La Rioja.
“Autovía del Camino is already a successful and well-managed motorway that demonstrates the positive impact of attracting private investment into major infrastructure projects,” says Bronte Somes, head of European infrastructure equity at REPM.
Autovía del Camino represents the fourth investment completed by UBS International Infrastructure Fund II. The fund already owns interests in Western Generation Partners, a portfolio in the United States. It also owns a Trinidad of power generation plants, which it acquired in November 2016 that includes Southern Water, a U.K. regulated water and wastewater company, acquired in May 2016, and Axicom, an Australian mobile telecommunications towers business, acquired in May 2015.
UBS International Infrastructure Fund II invests on a long-term basis in diversified, core infrastructure assets in OECD countries. The fund is a part of REPM’s global infrastructure platform, which has $6.6 billion of capital commitments for direct and indirect investments into infrastructure, through equity and debt.