DIF buys into Irish toll road

The Dutch infrastructure fund manager has acquired a 34% stake in Ireland's M4 from Irish construction firm SIAC.

Dutch infrastructure fund manager DIF has bought a minority stake in an operational Irish toll road out of its third infrastructure fund, the fund manager announced on Monday.
The acquisition – for an undisclosed amount – gives DIF Infrastructure III a 34 percent stake in a 39-kilometre stretch of Ireland's M4, a toll road with a seven-year operational track record and 21 years outstanding on its concession life. The concession is the main link between Dublin and Galway and Dublin and Sligo.
The seller was Irish construction firm SIAC with Spanish toll road operator Cintra, a subsidiary of Ferrovial, owning the remaining 66 percent of the toll road project. 
DIF has been active on the deal front, being a part of the consortium that recently reached financial close on a €1 billion Dutch road project. The latter was also done out of its third infrastructure fund.
DIF Infrastructure III has already beat its original €600 million fundraising target and is on its way to hit its €750 million hard cap. The fund should reach a final close at the end of the first quarter of this year, DIF said.
The independent fund manager, headquartered in Schiphol, Amsterdam, manages around €1.5 billion of funds for infrastructure and renewable energy investing. In addition to Amsterdam, DIF has offices in Frankfurt, London, Paris, Luxembourg and Toronto.