Swiss Life Asset Managers is acquiring an additional 12.53% stake in Spanish toll road operator Itínere Infraestructuras from Dutch pension asset manager APG, following its initial investment last December.
Swiss Life AM said it has exercised an option to acquire the additional stake, through its Swiss Life Funds LUX Global Infrastructure Opportunities IV (GIO IV), Swiss Life Funds LUX Privado Infrastructure and Swiss Life Investment Foundation Infrastructure Global ESG EUR funds, and will now hold a 37.6% interest in the toll-road operator.
Financial details were not disclosed.
The initial acquisition was made on behalf of GIO IV which targets sectors such as transportation, renewable energy, utilities and digital infrastructure.
Itínere Infraestructuras operates five toll roads in northern Spain, covering approximately 470km. Additionally, Itínere holds the concession agreement for managing the operation, maintenance and conservation of another 55km toll road in the same region.
Gabriele Damiani, head of core/core-plus infrastructure international at Swiss Life Asset Managers, said: “This acquisition reinforces our strategy to focus on control and co-control positions across our portfolio companies and reflects our confidence in the Spanish infrastructure market.
“We believe that high-quality assets such as Itínere are well positioned to deliver superior risk-adjusted returns for our investors.”
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