Brussels-listed fund buys stake in Belgium’s A11

TINC is set to acquire nearly a quarter of the highway PPP six months after raising €77m via a capital increase.

TINC, an investment company listed in Brussels, has purchased a 23 percent stake in Belgium’s A11 PPP.

The firm is paying €27.6 million for the holding, allowing it to become a shareholder in the 12km project connecting the Port of Bruges to the hinterland. Backed by the European Investment Bank in 2014, the scheme was financed using the institution’s project bond credit enhancement initiative, alongside a €433 million debt investment by Allianz Global Investors.

Current shareholders in the PPP include infrastructure fund DG Infra and developers Jan De Nul, Van Laere Bouwgroep, Aswebo and Aclagro. It is not clear who TINC is buying its stake from. The company had not responded to a request for comment at press time.

The PPP, with the Flemish Region as client, includes the design, building, financing and 30-year maintenance of the highway in return for an annual, performance-related availability payment.

The news comes six months after TINC raised €76.7 million through a public offer backed by principal shareholders Gimv and Belfius Insurance, which had committed to subscribe for at least €8.2 million of the total.