Private investment house Ardian has sold its 49% stake in Autopista Trados 45 (Trados) to Abertis, an international motorway operator headquartered in Spain. Abertis was already the majority shareholder in Trados.
Trados is a holding company which oversees investment in a 14.5km stretch of the M45 Madrid ring-road in Spain, which is managed through a concession agreement with the Autonomous Community of Madrid granted in 2019 and valid until 2029. The concessionaire’s remuneration is determined through a shadow toll mechanism, regulated by an inflation-linked revenue cap.
The stretch of road overseen by Trados connects South and South-East Madrid — areas where urban development and economic growth over the last decade has led to a significantly increased volume of traffic. On average, more than 85,000 vehicles per day use this section of the ring-road, an increase of over 50% since Ardian’s initial investment in 2011.
