APRR

 

Autoroutes Paris-Rhin-Rhône (APRR) is Europe’s fourth largest motorway group. APRR comprises four separate concessions: the APRR network, the AREA network, ADELAC and the Maurice Lemaire tunnel

Nature of the asset

The APRR motorway network is located in the heart of Western Europe and serves major business centres, including the Paris-Lyon corridor that links France’s two largest metropolitan areas, as well as Northern Europe (the UK, Benelux and Germany), Switzerland and Southern Europe, including Italy and the Iberian peninsula via the Rhône Valley or the Massif Central mountain range. The network also serves as a gateway to Central and Eastern Europe.

It is the fourth largest tolled motorway network in Europe and consists of 2,264 km of operating motorway, with only 18km to be constructed and opened by 2016.

Nature of the investment

APRR was formerly a fully French State owned business. In November 2004 the French State privatised 29.8% of APRR via a listing on Euronext Paris and in June 2005 the French State announced its intention to sell its remaining 70.2% stake in APRR, as well as its stakes in ASF and SANEF.

In December 2005 the consortium comprising Eiffage SA, MIG and Macquarie European Infrastructure Fund (Eiffarie) was selected by the French Government as the preferred bidder for APRR. In February 2006 the consortium reached financial close on its investment of 74.7% of APRR, including 70.2% acquired from the French Government and 4.5% previously held by Eiffage.

In April 2006 Eiffarie closed its standing offer for the remaining 25.3% of shareholders in APRR. The consortium then held 81.48% of APRR with MIG holding an effective interest of 20.37% in APRR.

In June 2010, Eiffarie reached agreement to acquire a further 13.7% of APRR from minority holders. This gave Eiffarie a 95.2% holding in APRR, allowing it to consolidate for tax purposes and to launch a compulsory acquisition of the remaining shares. MQA contributed €155m to the transaction, with the remaining funds coming from Eiffage and other Macquarie managed unlisted funds. As MQA did not take up its full pro-rata entitlement, its stake in Eiffarie (and APRR) is expected to reduce to approximately 19.4%. The final shareholding will depend on the exact price of the compulsory acquisition.

Length

2,264 kilometres operating and 18 kilometres to be constructed and opened by 2016

Number of lanes Number of lanes varies across network
Tolls

From 1 February 2011:
Cars: €5.945c per kilometre excluding VAT (APRR) and €8.043c per kilometre excluding VAT (AREA);

Trucks: multiple of car toll

Toll price escalation

2011-2013: Under the Contrats de Plan
Cars: 0.85x CPI ex Tobacco plus 0.5% in 2011-2013

Post 2013:
Cars: 70% CPI (ex Tobacco) until new Contrats de Plan agreed with the French State

Taxe d'aménagement du territoire (TAT) adjustment:
2011 – increase of 0.33% for APRR and 0.29% for AREA from 1 February 2011
2012 – increase of 0.17% for APRR and 0.14% for AREA from 1 February 2012

Toll collection Cash, electronic and credit card
Concession end December 2032

APRR map