Spanish Urban Rail Infrastructure Concessions Sold

SPAIN: Allianz Capital Partners and Bastion Infrastructure Group have bought construction firm Comsa Emte’s stakes in three urban rail infrastructure concessions for an undisclosed price.

Two of the concessions are for the management of infrastructure on Barcelona metro Line 9. The third covers the operation and maintenance of light rail lines in western Madrid, where Comsa Emte held an 18·7% stake in concessionaire Metro Ligero Oeste.

ACP and Bastion said the fully-operational assets offer strong yield generation under long-term availability-based payment schemes, with a remaining weighted average life of 26 years.

Jorge Miarnau, President of Comsa Emte, said disinvestment of the assets was ‘part of the deleveraging strategy of the group, in order to strengthen its development in the key activity areas of infrastructure and civil and railway engineering, in both the national and international markets.’

Rubicon Infrastructure Advisors acted as financial advisor to Comsa Emte, while BBVA Corporate Finance advised ACP and Bastion. Legal advice was provided to Comsa Emte by Cuatrecasas, Gonçalves Pereira and to ACP and Bastion by Uría Menéndez.

This article was published on June 5, 2015.