PINFRA Acquires Then Drops Highway Package into Fibra E Trust

Mexican highway developer PINFRA announced that its FibraVía investment trust acquired 100% of the Michoacán Highway Package, according to 17 December public filings.

FibraVía acquired a 25% stake held by Promotora y Operadora de Infraestructura (PINFRA) as well as the outstanding shares owned by BlackRock, Azvi (through its subsidiary Cointer Concesiones) and an unnamed group of Mexican investors for an unspecified amount.
Pinfra said in a 17 December filing that FibraVía made a MXN 10bn (USD 498.42m) capital raise.

Inframation understands that Creel, García-Cuéllar, Aiza y Enríquez (legal) represented FibraVía on the dropdown. The law firm also represented BlackRock on the sale, while Rubicon Infrastructure Advisors (financial) represented Azvi.

FibraVía became Mexico’s first Fibra E investment trust in October 2016 when it received shares of PINFRA’s México-Toluca Highway (PACSA).
In February 2017, PINFRA dropped down 42.71% of the Peñón-Texcoco highway SPV and then in September 2017 added 29.20% each of the Pirámides-Ecatepec-Peñon highway, Atlixco-Jantetelco highway and the Atlixcáyotl, Virreyes-Teziutlán and Apizaco-Huauchinango (Paquete Puebla) highways.

PINFRA, Blackrock and Cointer Concesiones declined comment on the situation.

This piece was published on December 18, 2018.