Spanish concessionaire Globalvia has gained full control of a motorway in Costa Rica for $136.2 million.
That price bought Globalvia the remaining 35 percent in Autopistas del Sol – a 76.8-kilometre motorway linking the port of Caldera to San José, the capital – it didn't already own. The seller was Sacyr Concesiones, the concessions arm of Spanish construction group Sacyr.
Sacyr Concesiones said the sale is part of its “policy of mature asset rotation”, which allows it to recycle capital for new greenfield projects, such as the motorway and hospital concessions it won in Chile last year.
For Glovalvia, the acquisition helps it consolidate its Latin American portfolio, the firm said, which also includes toll roads in Chile and Mexico. In addition, the deal furthers its stated goal of boosting its portfolio with the acquisition of road and rail brownfield assets.
GlobalVia was formed in 2007 as a 50/50 joint venture between FCC and local bank Caja Madrid, now known as Bankia. In late 2011, Dutch pension fund PGGM and Canadian counterpart OPTrust invested €400 million in Globalvia through a five-year convertible instrument. The pensions have an option to increase their investment in the firm to €750 million.
Earlier this year, it was announced that Juan Bejar, the head of Globalvia, had been named executive vice chairman and chief executive of founding investor FCC. At the moment, Bejar is still listed as the head of Globalvia in the company's website. A Globalvia spokeswoman was unable to previously confirm whether he will be replaced at the help of the concessionaire.
Globalvia manages 37 assets across roads, rail, ports, airports and hospitals. Most of its portfolio is located in Spain.