The owners of Globalvia plan to double their investment in the Spanish infrastructure firm to €2bn by putting additional capital into projects.

OPTrust, PGGM and USS, current shareholders in Globalvia, have announced their commitment to deploy an additional €1bn into transport infrastructure projects globally.  

In November 2015, the pension funds acquired Globalvia for €420m.

A year after, Globalvia acquired the Pocahontas Parkway, a brownfield toll road concession currently operating in the US. The company also closed a number of deals in Portugal last year.

“With these operations, Globalvia consolidated its position in Portugal, managing two of the largest toll road concession assets in the country,” it said.

Last August, it also reached an agreement to acquire the highway toll road Costa Arauco in Chile.

Since OPTrust, PGGM and USS’ initial involvement in the business, Globalvia has invested almost €1bn into both existing concessions and new acquisitions, the pension funds said.

Globalvia currently manages 27 projects in Spain, US, Portugal, Ireland, Andorra, Mexico, Costa Rica and Chile.

The pension funds said the additional funds being committed is part of the company’s strategic plan to grow in the North American market.

Gavin Ingram, the global head of infrastructure at OPTrust, said: ”We are very pleased to increase our commitment to the Globalvia platform to continue to support and benefit from the team’s strong operational and investment capabilities.

”Alongside our partners in PGGM and USS, we look forward to capitalizing on future growth opportunities and the continued success of Globalvia.”

Erik van de Brake, head of PGGM’s infrastructure division, said: “Transportation assets have proven to deliver strong and stable returns to our pension fund clients.

”By increasing our commitment to Globalvia our clients continue to benefit from the outstanding investment and operational capabilities of the Globalvia team. This partnership greatly expands our exposure to transportation infrastructure globally.”

Gavin Merchant, the head of real assets at USS, said:  “The business has performed exceptionally well since USS first acquired an interest to fund its expansion into new markets like North America as well as investing in new and existing concessions in its local Spanish and Portuguese market.

“USS’ increased commitment to Globalvia reinforces our confidence in the Company and the Management team delivering our growth strategy.”