IFM Investors has sealed its first deal in Mexico through an MXN8.777 billion (€520 million; $602 million) investment in Organizacion de Proyectos de Infraestructura (OPI).
The Melbourne-headquartered fund manager has acquired a 24.99 percent stake in the company, which in turns owns Concesionaria Mexiquense (Conmex), the company responsible for the operation of the Circuito Exterior Mexiquense (CEM) toll road.
With a length of 111 kilometres, CEM is the north-eastern section of Mexico City’s ring road. It has a remaining concession life of 37 years.
IFM’s investment, which also includes the acquisition of a 24.99 percent interest in OPCEM, a newly created company responsible for the operation and maintenance of Conmex, takes into consideration OPI debt of MXN4.1 billion. It values Conmex’s total equity at MXN40.1 million.
“We believe this is an excellent opportunity to enter the Mexican market and are pleased to commence our partnership with OHL Mexico,” commented Julia Garcia, head of infrastructure for North America at IFM.
The news follows on from IFM’s acquisition of a 29.9 percent stake in Vienna Airport in December, a rare instance of large-scale investment by the fund manager in listed assets.
Earlier this week, the firm also announced a fresh $75 million commitment by the Maine Public Employees’ Retirement System (MainePERS) to its Global Infrastructure Fund. This brought the pension’s total allocation to IFM to $150 million.