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Axa Private Equity acquires 50 per cent stake in Autopista Trados 45

Axa Private Equity has acquired 50 per cent 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.

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 EUR26.6m, up 1.5 per cent, and Ebitda of EUR24.9m, up 1.9 per cent. Average daily traffic 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. 

Mathias Burghardt (pictured), head of infrastructure at Axa Private Equity, says: “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.”

The 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, chief executive of Cintra, says: "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 authorisations.

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