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Globalvia takes 55% share in Portuguese road for €126.5m

The Spanish firm owned by a trio of global pension funds has increased its stake in the Beira Interior motorway from 33.3% to 55.5%.

Spanish transport concession owner Globalvia has completed a €126.5 million deal that will see it become the majority owner of a Portuguese toll road concession company.

The deal sees Globalvia become a 55.5 percent owner in Scutvias, operator of the Beira Interior motorway located in the centre of Portugal. The transaction also includes the purchase of smaller companies providing services of operation, maintenance and management of tolls to Scutvias. The 198km highway experiences traffic numbers of about 22 million a year.

Globalvia purchased the 22.2 percent share from Portuguese firm SDC Investimentos, which is in the midst of a restructuring process. Globalvia previously owned 33.3 percent of the business. The other shareholders of the project are a subsidiary of Portuguese developer Ascendi and construction firm Alves Ribeiro.

The concession for Beira Interior began in October 2005 after construction was completed following the 1999 awarding of the project. It has a further 18 years remaining until 2035.

The deal represents Globalvia’s second investment since it was bought out in 2015 by Canada’s OPSEU Pension Trust, the Netherlands’ PGGM and the UK’s Universities Superannuation Scheme for €420 million. Established in 2007, it was previously owned by Spanish lender Bankia and Barcelona-based construction company Fomento de Construcciones y Contratas.