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Macquarie Capital, InfraVia team up on Malaga metro deal

The Aussie firm and its French counterpart have paid €100m for a 40% stake in the Spanish operator.

Macquarie Capital, the principal investing arm of Sydney-based Macquarie Group, has joined forces with French fund manager InfraVia to buy 39.39 percent of Metro de Malaga.

The two firms will acquire the stake from local lender Cajamar (18.86 percent) as well as developers Cointer Concesiones (11.96 percent) and Sando Concesiones (8.57 percent).

The amount has not been disclosed for the transaction but a source with knowledge of the matter said the buyers, which acted as equal partners in the deal, had paid about €100 million for their stake. They are now the largest private shareholders in the asset.

Macquarie Capital declined to comment. InfraVia couldn’t be reached for comment before press time.

Founded in July 2014, Metro de Malaga runs a two-line, 11.3-kilometre network that serves 6.1 million passengers. A further five stations are to be added by 2019, which will extend the metro’s reach to the eastern and northern parts of the Spanish city.

InfraVia invested in the asset through its Fund II, which closed on €530 million in 2014 and is now nearly fully deployed. The firm is currently raising Fund III with a target of €750 million.