Macquarie Infrastructure and Real Assets to divest stakes in Autoroutes Paris-Rhin-Rhone
Paris, 20 Nov 2019
Macquarie Infrastructure and Real Assets via Macquarie European Infrastructure Fund 2 (MEIF2) and Macquarie Mercer Infrastructure Trust 1 and Macquarie Mercer Infrastructure Trust 2 (together “MMIT”), has agreed to sell its remaining stakes in Autoroutes Paris-Rhin-Rhône (“APRR”).
The stakes, totalling an indirect equity interest of 8.14% in APRR, will be acquired by existing APRR shareholder Atlas Arteria (ALX) for approximately €867 million subject to timing of completion.
MIRA has had interests in APRR, France’s second largest and Europe’s fourth largest toll road network, since 2006 and has supported APRR in delivering an ambitious capital investment programme totalling approximately €5 billion.
This investment has ensured significant network development, road widening and environmental enhancements as well as the refurbishment of service areas and the roll-out of automatic tolling. These investments helped support robust traffic growth which has resulted in revenue and EBITDA growth every year since acquisition. During the period of MIRA’s ownership, APRR was also involved the development of the ADELAC motorway, a key commuter link between Annecy, France and Geneva, Switzerland which opened in December 2008.
With MIRA exiting its long-term investment in APRR, its management agreement with ALX and other shareholders will be concluded. The transaction is expected to reach financial close in Q1 2020.
About Macquarie Infrastructure and Real Assets
Macquarie Infrastructure and Real Assets (MIRA) is one of the world’s leading alternative asset managers. For more than twenty-five years, MIRA has partnered with investors, governments and communities to manage, develop and enhance assets relied on by more than 100 million people each day. As at 31 March 2019, MIRA managed approximately £99 billion in assets that are essential to the sustainable development of economies and communities, including; 155 portfolio businesses, ~600 properties and 4.7 million hectares of farmland.
MIRA is a part of Macquarie Asset Management, the asset management arm of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs over 15,700 people and is listed on the Australian Securities Exchange (ASX:MQG).
For further information, please visit www.MIRAFunds.com