Allianz Capital Partners and Canada’s Bastion Infrastructure Group have invested in Spanish rail through a joint venture.
Allianz’s €10bn alternative platform and the Toronto-based asset manager have bought stakes in three concessions from Comsa Emte Concesiones.
Two concessions in Barcelona and one in Madrid were sold by Comsa Emte as it looks to deleverage.
It is the first time that Allianz Capital Partners has invested in Spanish infrastructure.
Christian Fingerle, chief investment officer for infrastructure investments at Allianz Capital Partners, said it is looking to expand its investment in the Spanish market.
The three assets, sections 2 and 4 of the Metro Line 9 line in Barcelona and the Metro Ligero Oeste line in Madrid, are fully operational and used by commuters.
The assets are held in holding companies which have long-term concessions for the operation and management of the lines, with a remaining weighted average life of 26 years.
