German insurer Talanx has invested €125m in the refinancing of the Line 9 section IV metro stations in Barcelona.

Talanx said it has backed Linia Nou Tram Quatre’s (L9T4) €720m refinancing as the largest commercial lender in a group of 15 banks and institutional investors.

Talanx said the 18-year fixed-rate debt is particularly attractive for the group insurance and pension monies because it purports to promise stable returns through readily predictable cash flows.

L9T4 is owned by funds managed by Brookfield, Queenspoint, Iridium, Dalmore Capital and Equitix.

The initial financing of L9T4 comprised the construction and maintenance of 13 stations on the metro system which was completed in 2014. The concession is in place until 2040.

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