News & Analysis

Financial close for Meridiam’s first PPP in France

Fund manager Meridiam Infrastructure has taken an 85% stake in a company that will finance, design and construct a cycling stadium in Paris. The firm had previously built a portfolio of European and North American road PPP assets since its launch in 2008.

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Paris-based infrastructure fund manager Meridiam Infrastructure in December reached financial close on its first PPP in France, the €75 million Saint-Quentin Velodrome project. At the heart of the project is a state-of-the-art cycling arena.  

Meridiam has taken an 85 percent stake in project company Velopolis alongside Bouygues, Sodearif and ETDE Facility Management. The contract covers the finance, design and construction of the velodrome as well as its operation and maintenance for a 30-year period. 

The project is supported by two unnamed banks providing senior debt financing, with additional construction financing coming from public subsidies.

Cycling: next PPP
for Meridiam
Velopolis comprises the development, management and maintenance of a cycling velodrome in the Greater Paris area with a 250-metre track and 4,800 seats.  The stadium will become the headquarters of the French Cycling Federation. Ancillary facilities include a restaurant, parking area and covered BMX track. The site also houses a 35,000 square-metre zone dedicated to real estate development, including an office building, hotel, residences and a leisure centre.

Meridiam, a subsidiary of Credit Agricole Private Equity, closed its inaugural fund in 2008 on €600 million for investment in primary and secondary PPP-financed infrastructure projects. The firm’s portfolio is currently weighted towards road assets in countries such as Germany, Poland and Slovakia.

It is also an investor in the Port of Miami Tunnel project and the recently closed North Tarrant Expressway project in Texas.