is acquiring an additional 12.53% stake in Spanish toll road operator It铆nere Infraestructuras from Dutch pension asset manager APG, following its initial investment last December.
AM said it has exercised an option to acquire the additional stake, through its Swiss Life Funds LUX Global Infrastructure Opportunities IV (GIO IV), Swiss Life Funds LUX Privado Infrastructure and Swiss Life Investment Foundation Infrastructure Global ESG EUR funds, and will now hold a 37.6% interest in the toll-road operator.
Financial details were not disclosed.
The initial acquisition was made on behalf of GIO IV which targets sectors such as transportation, renewable energy, utilities and digital infrastructure.
It铆nere Infraestructuras operates five toll roads in northern Spain, covering approximately 470km. Additionally, It铆nere holds the concession agreement for managing the operation, maintenance and conservation of another 55km toll road in the same region.
Gabriele Damiani, head of core/core-plus infrastructure international at Swiss Life Asset Managers, said: 鈥淭his acquisition reinforces our strategy to focus on control and co-control positions across our portfolio companies and reflects our confidence in the Spanish infrastructure market.
鈥淲e believe that high-quality assets such as It铆nere are well positioned to deliver superior risk-adjusted returns for our investors.鈥�
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