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| Ferrovial sells stakes in two Portuguese 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 51% stake into Norte Litoral and 49% stake into Via do Infante toll roads, for total cash proceeds of 159 million euro. As a result of this transaction, Ferrovial will retain a stake of 49% in Norte Litoral and 48% in Via do Infante, keeping its position as the relevant industrial partner for both assets.The closing of the transaction is expected once all the necessary approvals from Portuguese authorities, financing institutions and competition authorities are received. Founded in 2005, DIF is one of the main infrastructure fund managers with circa 3 billion euro of funds under management investing in Europe, North America and Australia. The transaction will be realized through its 1.15 billion DIF Infrastructure IV fund. Norte Litoral and Via do Infante toll roads are located in Porto and Algarve (Portugal). These concessions were awarded to Cintra in years 2001 and 2000 respectively. Norte Litoral concessional period will expire in 2031; while Via do Infante concession will run until 2030. After this transaction, Cintra looks forward to pursuing the opportunities in this market. 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 kilometers 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 :: © 2016 Construction News :: home page |