DIF invests in Spanish hospital

The transaction, funded by the Dutch manager’s Fund III, follows the firm’s first Australian deal last week.

DIF, the Amsterdam-based fund manager, has acquired an additional stake in Madrid’s Puerta de Hierro Hospital of Majadahonda (Majadahonda) from French developer Sacyr.

The transaction, for which no figure was disclosed, will see the firm’s ownership in the public-private partnership (PPP) project climb from 44 percent to 64 percent.

It will be funded via DIF Infrastructure III, a €800 million vehicle which closed in March 2013. The firm has since raised €1.15 billion for the successor fund, which held its final close on hard-cap last September.

Majadahonda started its operations in 2008. With a remaining concession period of 20 years, the project is financed with long-term debt. It has a surface area of 245,000 square metres and 764 hospital beds.

The transaction is the third sealed by the fund manager since the start of 2016, following its purchase of the 20-megawatt Royalla solar farm in Australia’s Capital Territory last week and its closing on a prison PPP in France earlier in the month.

DIF is also exploring options to divest its second fund, a 50-asset portfolio it hopes to be able to value at around €700 million.