PGGM and Mirova team up for Spanish PPP swoop

The pair have invested in a portfolio containing rail links, toll roads, court houses and a prison.

Dutch pension fund PGGM and French fund manager Mirova have joined forces to invest in a range of PPP projects in Spain.

The deal, which is currently going through the European Commission’s approval process, will see the pair take control of a number of concession stakes from Spanish construction firm Comsa, which is currently shedding assets as part of a restructuring plan.

PGGM and Mirova will acquire Comsa’s 22 percent stake in Cedinsa, a concession company that operates four toll roads in Catalonia. They have also bought Comsa’s 10.56 percent share of the Malaga Metro system concession, in which Mirova already owns 24 percent, after buying a stake from Macquarie in April 2016. Mirova’s latest investment in the project will be held separately with PGGM, with the duo joining Globalvia and Infravia as owners.

Other assets acquired by PGGM and the Natixis subsidiary include a stake alongside six other shareholders of Albali Senalizacion, the concession company for signalling and telecommunications works on the Albacete-Alicante high-speed rail line, financed through a €77.6 million loan by the European Investment Bank in 2012. The Terrasa and La Bisbal courts, as well as the Mas d’Enric Prison, form the remainder of the investment package.

The assets are set to be held by special purpose vehicle Mircom Concesiones de Infraestructuras, in which Comsa will hold an undisclosed minority share.

Mirova’s investment has come via the firm’s Core Infrastructure division, although it declined to comment on which fund the deal was made through. It is believed to be fundraising for a second core infrastructure fund after closing the first on over €600 million in 2015.

The acquisitions are the second time the French and Dutch investors have joined forces following their combined 59.2 percent ownership of French toll road concession Alis. Some €900 million of debt in the company was restructured last year following a bond issue.