Financial close for the sale of stake in Metro de Malaga to Macquarie and InfraVia

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Financial close for the sale of stake in Metro de Malaga to Macquarie and InfraVia

InfraVia and Macquarie Capital have close the acquisition of equity interest in the Malaga Metro System, Spain.

A consortium consisting of Macquarie Corporate Holdings PTY Limited (Macquarie Capital) and InfraVia II Invest S.A., managed by InfraVia Capital Partners, have acquired a 39.39% equity interest in Metro de Malaga from Cajamar (18.86%), Cointer Concesiones (11.96%) and Sando Concesiones (8.57%).

The team reached in mid September, an agreement to buy 39.4 % of the asset for a total consideration of €108 million (US$115.4 million). With the closing of this transaction, InfraVia and Macquarie Capital will represent the largest private shareholder in Metro de Malaga which has been successfully operating since July 2014.

Metro de Malaga was granted a long term concession by the Government of Andalusia to provide transportation to those 200,000 Malaga residents who live within 500 meters of a station. Today, Metro de Malaga has successfully exceeded its initial demand objectives and has served more than 6.1 million passengers. Metro de Malaga includes two rail lines - Lines 1 and 2 - totaling 11.3 kilometers in length and serving 17 stations. An additional 5 stations are to be added by 2019, which will extend service to the eastern and northern parts of the city.

Rubicon Infrastructure Advisors acted as exclusive financial advisor to the sellers with respect to this transaction. Legal advice was provided by Cuatrecasas, Gonçalves Pereira to the sellers and by Ashurst LLP to the buyers.

Mark Bradshaw, Head of PPP and Senior Managing Director at Macquarie Capital, stated:

"Macquarie Capital specialises in developing and building new infrastructure projects globally. We are delighted to be investing in the region's largest landmark development project alongside world-class local and international partners."

Vincent Levita, Founder and Chief Executive Officer of InfraVia commented,

"This premier essential asset solves the increasing issue of providing reliable, quality public transportation in the ever-expanding region. We are pleased to be participating in the largest infrastructure development recently undertaken in Malaga".

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