The AXA Investment Managers - Real Assets and Crédit Agricole Assurances joint venture has bought DIF’s 9.2% stake in the A63 toll road in France.
DIF said its Infrastructure IV fund sold the indirect stake in Atlandes, the project company which holds the road concession project, to the joint venture for an undisclosed sum.
The project is a 40-year toll concession to design, build, finance, operate and maintain an upgraded 104km section of the A63 highway between Salles and Saint-Geours-de-Maremne, in southwest France. The project was commissioned in November 2013.
Andrew Freeman, head of exits at DIF, said: “This is an opportune time for DIF IV to exit the project and evidences our strategy of proactively monitoring the portfolios of our mature funds and taking advantage, when appropriate, of strong demand for high-quality core infrastructure projects in mature markets.”
In November 2016, AXA Investment Managers-Real Assets, acting on behalf of clients, took a 42% stake in the French motorway in a joint venture with Crédit Agricole. The joint venture’s initial stake in Atlandes was sold by InfraRed Capital Partners’ Infrastructure Fund III.