DIF Capital Partners, through its DIF Infrastructure VI fund, is investing €171m to buy stakes in two Portuguese toll roads from Cintra, a subsidiary of Ferrovial.
The DIF Infrastructure VI fund has reached an agreement to acquire a 49% stake in the Norte Litoral and a 48% stake in the Via do Infante, in a deal subject to approval from Portuguese authorities, the companies said.
As part of the agreement, Cintra will continue to provide the management services for both roads.
Via do Infante is a 133-kilometre motorway concession between Lagos and Castro Marim in the South of Portugal. Norte Litoral is a 113-kilometre motorway concession between Porto and Caminha, and from Viana do Castelo to Ponte de Lima, in Northern Portugal.
Norte Litoral concessional period will expire in 2031, while Via do Infante concession will run until 2030.
In 2016, DIF, through its DIF Infrastructure IV fund, bought a 51% stake in Norte Litoral and a 49% stake in Via do Infante roads from Cintra.
Fernando Moreno, partner at DIF Capital Partners, said: “We are very pleased with the addition of these critical and robust road assets to the DIF VI portfolio. Given their structure, the projects have continued to demonstrate strong performance despite the COVID-19 crisis.”
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