Deals

Skanska Chile road PPP sale a $42m gain

The developer unloaded a 50% stake in a Chile toll road to local Inversiones Infraestructura Dos. Skanska had won the concession for the road, which should open in 2012, last year.

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Swedish developer Skanska Infrastructure Development has sold 50 percent of its stake in Autopistas de Antofagasta, a highway in Chile that Skanska won a concession for in 2010.

The sale netted Skanska SEK 275 million (€31 million; $42 million) – helping the company realize a SEK 50 million third quarter gain, according to Skanska.

Chili-based investor Inversiones Infraestructura Dos was the buyer.

Skanska, which will remain half-owner of the company, said the sell down will result in a reclassification of the project company, which will from now on function as an associated company.

The reclassification will spur the deconsolidation of SEK 340 million of capital and interest bearing debt that the project company had borrowed to build Autopistas de Antofagasta.

The road is a thoroughfare through a mining district, and is expected to open to traffic in December 2012.

Inversiones Infraestructra Dos is owned by Las Américas, a fund manager with a 15-year track record of investing in Latin America. Las Américas is part of the Chile-based group PENTA.