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| Ferrovial sells a stake into its Irish toll roads to Dutch fund manager DIF  Ferrovial has reached an agreement through its toll road subsidiary Cintra with Dutch infrastructure fund manager DIF to sell a 46% stake into M4 and 75% stake into M3 toll roads, for total cash proceeds of EUR 61.1 million. As a result of this transaction, Ferrovial will retain a 20% stake in both concessions, and will keep a position as its relevant industrial partner.The closing of the transaction is expected once all the necessary approvals from Irish authorities and financing institutions will be received. Until then, Cintra will hold a 66% and 95% stake into M4 and M3 concessions respectively, located in Dublin (Ireland). DIF is already a shareholder into M4 with a 34% stake before the transaction. Founded in 2005, DIF is one of the main infrastructure fund managers with circa EUR 3billion of funds under management investing in Europe, North America and Australia. The transaction will be realized through its EUR 800 million DIF Infrastructure III fund. M4 and M3 toll road concessions were awarded to Cintra in consortium with SIAC in 2003 and 2007 respectively. M4 entered into commercial operation in 2005 and concessional period will expire in 2033, while M3 began operating in 2010 and the concession will run until 2052. Cintra is one of the world's leading private sector developers of transportation infrastructure in terms of number of projects and volume of investment. It currently manages approximately 2,000 kilometres of toll roads in 28 concessions in Canada, the US, Europe, Australia and Colombia. Cintra is the largest shareholder in the 407 ETR, in Ontario, Canada, with a stake of 43.23%. write your comments about the article :: © 2015 Construction News :: home page |