John Laing Infrastructure Fund has announced that it has entered into an agreement with Acsa, Obras e Infraestructuras, S.A.U., a member of the Sorigué group, to acquire an additional 13.5% interest in the Barcelona Metro Stations Line 9 Section II project (pictured). JLIF’s existing 40% interest in Section II was acquired in January 2016 from Iridium Concesiones de Infraestructuras. In addition, JLIF has entered into an agreement to acquire from Acsa a 13.5% interest in the Barcelona Metro Stations Line 9 Section IV project, which runs further north to Section II.
The company says that the aggregate consideration for the incremental investment in Section II and the acquisition of the interest in Section IV, which are expected to complete over the coming weeks (subject to the customary consents), is the Euro equivalent of approximately £50m and will be funded through JLIF’s currently undrawn £180m multi-currency revolving credit facility. The company says that the acquisitions further consolidate its entry into the Spanish PPP market and increases the total number of assets in JLIF’s portfolio to 60.
Having reached financial close in 2008, approximately two years prior to Section II, Section IV, according to the company, is a similar project in that it does not retain any construction risk and full availability payments are being received from the same client IFERCAT, a public agency of the Catalonian Government, over a remaining concession of 24 years.
John Laing Infrastructure is making further investment in Barcelona Metro Stations Line 9 : JLIF