John Laing Infrastructure Fund has announced that it has completed the purchase of a 40% stake in the Barcelona Line 9 Section II metro project, an agreement that was initially announced in December 2015. The consideration of the acquisition was the Euro equivalent of approximately £85m and was funded through JLIF’s existing cash resources and revolving credit facility. The company says that, following the acquisition, it is £84.5m drawn on its revolving credit facility.
Line 9 (pictured) runs through Barcelona’s city centre, connecting the airport and the port district. This stake was previously held by Iridium Concesiones de Infraestructuras, a subsidiary of Grupo ACS and Iridium will continue to hold a stake in the project. The company says that, in their view, the project is low risk, in line with their investment criteria, and with more than 27 years remaining, and provides them with a significant long term source of income.
John Laing Infrastructure purchases 40% stake in Barcelona Line 9 Section II : JLIF