Dutch pension fund manager APG, a major shareholder in Itínere Infraestructuras, is acquiring Globalvia’s 40% stake in the Spanish toll-road concessionaire.
The financial details of Globalvia’s sale of its Itínere stake have not been disclosed.
Infrastructure management company Itínere operates five toll-road concessions in Northern Spain. The company also holds the concession agreement for managing the operation, as well as maintenance and conservation of another toll road in the same region.
Spain-headquartered international transportation infrastructure firm Globalvia first acquired a stake in Itínere in October 2018, and increased its ownership to 40% in 2019. Globalvia is owned by three pension funds: OPTrust of Canada, PGGM of the Netherlands and the UK’s Universities Superannuation Scheme.
Also in 2018, APG and funds managed by Corsair Infrastructure Partners acquired a controlling stake in Itínere, representing 59.2% of the company’s equity, at a valuation of €1.3bn.
APG, the asset management arm of Dutch civil service scheme ABP, holds its 56% stake in Itínere through various entities.
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