Mirova, a subsidiary of Paris-based Natixis Asset Management, has acquired a portfolio of Spanish healthcare facilities from Iridium Concesiones de Infraestructuras for $43 million.
With the deal, Mirova takes over an 80 percent share of the portfolio, which includes two hospitals and one hospital operator on Spain’s Balearic Islands. Iridium, an affiliate of Madrid-based ACS Group, will retain day-to-day operational control of the hospitals, which provide service to around 1.2 million people on the Spanish archipelago.
Rubicon Infrastructure Advisors acted as an advisor to Iridium, which develops and manages government concessions in the social infrastructure and transportation sectors. Iridium had held a 49.5 percent share in Son Espases Hospital and a 40 percent share in Gran Hospital Can Misses and its operator. The projects, which have been financed with long-term debt, have 25 years remaining in the concession, with revenues coming from availability payments.
Mirova, which was established in 2012 as a Nataxis arm focused exclusively on responsible investment, made the acquisition from its Core Infrastructure Fund, which reached a €700 million close last July.