Investing
Supporting the long-term resilience of Alpine communities
Through long-term financing, Macquarie Asset Management enabled the regional government buy-back of the Tignes and Sainte-Foy-Tarentaise ski areas in France for the benefit of the community, and is supporting continued investment in the area’s infrastructure
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| Sector | Investing |
| Sub-sector | Infrastructure debt |
| Location | Europe |
Opportunity
Communities across the French Alps that depend on the ski season are increasingly focused on strengthening their resilience and diversifying beyond winter sports to support growth over the long term.1
At the same time, Alpine communities are facing increasing pressure on housing affordability as high demand for tourist accommodation competes with the needs of residents and seasonal workers.2
In the ski areas of Tignes and Sainte-Foy-Tarentaise, ALTTA holds 30-year concessions to operate the ski infrastructure underpinning both resorts, while also being responsible for mobility and housing projects across the region.
Local authority owned, ALTTA was established to strengthen local community control over future investments and enable revenues generated by the resorts to be reinvested for the long-term benefit of the area. To achieve this, ALTTA required financing partners capable of supporting substantial and evolving investment needs.
Approach
In January 2026, Macquarie Asset Management (MAM) was selected to provide long-term debt financing to ALTTA.3
Leveraging its experience financing essential infrastructure and local authority-backed projects across Europe, MAM worked closely with ALTTA and a consortium of French banks to design a flexible capital structure that addressed both its immediate funding needs and future investment ambitions.
MAM’s 20-year debt financing is primarily being used to fund the upfront transfer of the existing mountain infrastructure serving the Tignes and Sainte-Foy-Tarentaise ski areas to ALTTA, complementing bank loans that will be drawn over time.
Recognising the contractual and financing framework to accommodate how ALTTA’s development needs will evolve over time, MAM helped establish a stable platform from which ALTTA can operate, maintain and invest in the long-term appeal, resilience and development of the region.
Outcome
From June 2026, ALTTA assumed operation of the mountain infrastructure serving the Tignes and Sainte-Foy-Tarentaise ski areas, marking a significant milestone in the local authorities' long-term ambitions for their communities.
The transaction gives ALTTA direct control of the infrastructure and access to revenues generated by the resorts, enabling local reinvestment in line with the concessions framework and the local authorities’ evolving needs.
Over the 20-year financing period, the transaction is expected to unlock approximately €500 million of investment across the region. This includes more than €400 million to maintain and modernise ski infrastructure, with the replacement of the Tichot chairlift scheduled as the first major project in 2027.
Approximately €50 million will be dedicated to housing initiatives for permanent and seasonal residents, including the acquisition of an 81-unit residential building and the establishment of a dedicated housing subsidiary. Additional allocated budget will be allocated to year-round mobility, mountain management and tourism initiatives designed to enhance visitor experience and support the region's long-term competitiveness.
By aligning governance, operations and investment priorities, ALTTA is well positioned to support the long-term success of Tignes and Sainte-Foy-Tarentaise, strengthening their appeal as world-class mountain destinations while advancing the development of the communities that depend on them.
€500 million
investment across the region
20-year debt financing
provided by MAM
€50 million
dedicated to housing initiatives for permanent and seasonal residents
We’re pleased to be working with Macquarie. With their support we aim to ensure that Tignes and Sainte-Foy-Tarentaise remain vibrant, sustainable year‑round communities by strengthening their collective ability to adapt to change. We look forward to the partnership over the coming years."
Clément Colin
Chairman of the Board, ALTTA
- Domaines Skiables de France, Atout France and Montagne Leaders, Annual Mountain Investment Barometer, 2025
- Quentin Benoît Guillaume Drouet, 'Year-round Living in Alpine Arc Resorts Facing High Tourism Intensity and Seasonality', Via Tourism Review, 27, 2025
- Macquarie Group, Macquarie Asset Management supports ALTTA with financing for French ski area concessions, press release, January 2026.
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