Vauban Infrastructure Partners acquires SPER

Vauban Infrastructure Partners (Vauban) has acquired SPER – Sociedade Portuguesa para a Construção e Exploração Rodoviária, and Planestrada – Operação e Manutenção Rodoviária, two companies that manage a 113 km shadow-toll road on IP-2 in the province of Baixo Alentejo (Portugal). 

Through this acquisition Vauban strengthens its investment in the mobility sector in Portugal. Through this acquisition, Vauban is committed to maximise its impact in the region and create sustainable value to all the stakeholders over the long-term.

SPER - The Baixo Alentejo road concession company – manages a full operational 113 km shadow-toll road network in the South-East of Portugal along with the O&M activities associated (traffic count, security, ordinary maintenance, heavy maintenance and renewal, patrolling, etc). The revenue of the concession is a combination of availability-based and shadow toll payments as the road is a free toll network.

The acquired asset benefits from a long-term concession with 18 years of remaining life and low regulatory risk (the concession agreement was signed in January 2009; construction was completed in October 2016 and operation will last until 2039).

Vauban’s strategy to align the interests of all stakeholders over the long run is a key aspect to providing satisfactory services to users and all the stakeholders. As a long-term investor, Vauban Infrastructure Partners aims for the project to have a positive impact for decades ensuring satisfaction of users thanks to a sustainable management of the contract.

The transaction represents the third investment managed by Vauban Infrastructure Partners in Portugal after Viaexpresso and Vialitoral project– express roads in Madeira and is an evidence of the Vauban’s expertise in the Portuguese infrastructure market that Vauban has been developing since 2016. Long- term relationships with industrial partners and advisors and a deep knowledge of the local market have been a cornerstone for origination of this transaction, and it allowed Vauban to identify the asset and assess its qualities well in advance of the launch of the sale process.

Vincent Cassagne, Investment Director - Partner at Vauban Infrastructure Partners, says: “Vauban expands its footprint in the Iberian region by acquiring a controlling stake in this highway. We have once again succeeded in integrating to our portfolio an infrastructure providing essential services. This deal shows another example of our perseverance and ability to find and invest high quality core assets on the market.”

Sam Zhang, Investment Director - Partner at Vauban Infrastructure Partners, adds: “The acquisition of this asset in Portugal expands our presence in the country and strengthens our excellent relationships with local industry partners and public entities.”

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