Swiss Life Asset Managers is buying a stake in Spanish toll road operator Itínere Infraestructuras from Dutch pension fund asset manager APG, for an undisclosed price.
The acquisition was made on behalf of the Swiss Life AM’s Global Infrastructure Opportunities IV (GIO IV) fund.
The investment manager said the agreement was “an important milestone for Swiss Life AM and APG, reinforcing their commitment to enhancing infrastructure investment in the Iberian region and providing a clear path forward for Itínere”.
Itínere Infraestructuras is a Spanish infrastructure management company that operates five toll roads in Northern Spain, covering approximately 470km. It also holds the concession agreement for managing the operation, maintenance and conservation of another 54.8km toll road in the region.
Gabriele Damiani, head of core/core-plus infrastructure unternational at Swiss Life AM, said: “This investment not only marks a significant milestone for the GIO IV fund, it also confirms our commitment to high-quality infrastructure assets that provide stable, long-term returns for investors.
“The investment underscores the fund’s strategy of supporting infrastructure projects that deliver essential services which are fundamental to economic growth, public safety and overall quality of life. It also reflects the confidence in the Spanish infrastructure market and highlights its dedication to promoting sustainable growth and development.”
GIO IV managed by Swiss Life AM seeks to generate “attractive returns and dividend yields for qualified and professional investors by investing in asset-heavy companies” in future-proof sectors such as transportation, renewable energy, utilities and digital infrastructure.
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