AXA Private Equity, has today acquired 50% of the capital of Autopista Trados 45 from Cintra, Ferrovial's toll road subsidiary. The acquisition was made by FINAVIAS, an investment vehicle for the infrastructure funds of AXA Private Equity. The sale totals 67 million euro.

Autopista Trados 45 manages a 14.5-kilometre section of the M-45 highway in Madrid, between O'Donnell and the junction with the N-IV. It is a shadow toll road* whose tolls and maximum payments from the Madrid regional government are inflation-indexed. This section of the road was inaugurated in March 2002 and the concession runs until 2029.

In 2009, the concession company reported revenues of €26.6 million (+1.5%) and EBITDA of €24.9 million (+1.9%). Average Daily Traffic (ADT) on Trados 45 in 2009 was 60,669 vehicles.

Toll roads are a key component of AXA Private Equity’s investment in European infrastructure. The firm’s strategy regarding toll roads dates back as far as 2006, when the firm acquired a stake in SANEF, the third largest motorway operator in France, and the fourth largest in Europe.  Such assets are attractive because of the long-term nature of the concessions, their resilience to economic cycles, and the regular and stable returns offered.

Mathias Burghardt, Head of Infrastructure at AXA Private Equity said: “This is an important transaction for AXA Private Equity as it is in line with our strategy of timely investing in mature, long term infrastructure assets. Autopista Trados 45 is attractive because revenues are protected against inflation, its traffic is well established, the concession will run until 2029, and it will strengthen our position in one of Europe’s biggest countries.”

This deal is part of Cintra’s asset rotation strategy. Cintra divested its car park business and its assets in Chile in recent months.

Enrique Díaz-Rato, CEO of Cintra said: "This transaction is part of our strategy to raise additional funds by selling more mature assets in the portfolio with a view to investing in new projects with high value creation potential."

Closure of the transaction is subject to mandatory notifications and obtainment of the relevant authorizations.

* A shadow toll road is one for which payments are made by government to the private sector operator of a road, based, at least in part, on the number of vehicles using the road.

Parties involved:

Buyer:
AXA Private Equity: Mathias Burghardt, Rodolphe Brumm
Legal advisor: Lovells
Financial advisor: Banco Santander
Legal/tax counsel: KPMG
Structuring: KPMG and Linklaters
Technical adviser: ALG

About AXA Private Equity

AXA Private Equity is a leading private equity firm with US$25 billion in managed assets and a global reach extending across Europe, North America and Asia. The firm offers investors the full spectrum of private equity services for every market segment: direct funds, infrastructure financing, mid cap and small cap buyouts, venture capital, co-investments, fund of funds as well as mezzanine financing.

With offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna, AXA Private Equity supports the development and long-term growth of its portfolio companies with sustainable growth strategies and by granting them access to the AXA international network. AXA Private Equity has earned the trust of its investors by regularly supplying them with transparent performance data on its funds and portfolio companies.

AXA Private Equity, Global Investments the European way
www.axaprivateequity.com 

About Ferrovial

Ferrovial is one of the world's leading infrastructure groups, with a presence in over 49 countries and operations in such areas as construction, airport and toll road management and maintenance, and municipal services. The company owns two of the world's leading private transport infrastructures: 407 Express Toll Route, in Toronto, and Heathrow airport, in London. It also has the Chicago Skyway, the Ionian Roads in Greece, and Ausol in Spain. The company, which is listed on the Madrid Stock Exchange, is a member of prestigious sustainability indices such as DJSI and FTSE4Good. 

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