AXA IM - Real Assets has acquired a 42% stake in Atlandes, the concession-holder of the A63 motorway in South-West France. The deal was completed on behalf of AXA Germany and AXA France, and in joint venture with Crédit Agricole Assurances. The transaction volume was not disclosed.
The vendor, InfraRed Capital Partners, has disposed of the entirety of the fund’s stake. The remaining 58% of Atlandes is held by a consortium of industrial partners and financial investors.
'This transaction is an important milestone for AXA IM - Real Assets as it exhibits our expertise in sourcing unique direct infrastructure investment opportunities in addition to the value we can offer clients across our increasingly wide spectrum of investment strategies,' commented Ruulke Bagijn, global head of Real Assets Private Equity at AXA IM - Real Assets.
'The A63 is already a successful and well managed motorway that demonstrates the importance and positive impact of attracting private investment into major infrastructure projects. We are very pleased to be working in coordination with our new partner Crédit Agricole Assurances, we firmly believe that our combined experience and strategic approach will lead to the asset’s further prosperity and continued operational success,' added Bagijn.
The A63 is a 104 kilometre motorway located in the South-West of France, connecting Bordeaux to the Spanish border, with two toll points along the route. The strategic asset, which has been in operation since 2011, links Northern Europe to the Iberian Peninsula, hosting 30,000 vehicles daily. The motorway is maintained by Atlandes.
AXA IM - Real Assets said it was increasing its focus on sourcing attractive equity infrastructure opportunities worldwide, as part of its strategy of investing in the four key areas of direct property and infrastructure, in addition to private and listed debt.
