John Laing Infrastructure Fund Limited (JLIF) has entered into an agreement with Acsa, Obras e Infraestructuras, S.A.U., a member of the Sorigué group, to acquire an additional 13.5% interest in Barcelona Metro Stations Line 9 Section II and Section IV project.

JLIF's existing 40% interest in Section II was acquired in January 2016 from Iridium Concesiones de Infraestructuras, a subsidiary of Grupo ACS, and was the subject of a separate announcement at that time. 

The aggregate consideration for the incremental investment in Section II and the acquisition of the interest in Section IV, which are expected to complete over the coming weeks, is the Euro equivalent of approximately £50 million and will be funded through JLIF's currently undrawn £180 million multi-currency revolving credit facility.

These acquisitions further consolidate JLIF's entry into the Spanish PPP market and increase the total number of assets in JLIF's portfolio to 60.

Having reached financial close in 2008, approximately two years prior to Section II, Section IV is a similar project in that it does not retain any construction risk and full availability payments are being received from the same client IFERCAT, a public agency of the Catalonian Government, over a remaining concession of 24 years. The discount rate used to value the forecast project cash flows for the incremental Section II interest and Section IV interest is in line with that used to value the consideration for the existing 40% interest in Section II, purchased in January, which is materially above the weighted average discount rate used to value JLIF's portfolio at 31 December 2015.

Andrew Charlesworth from John Laing Capital Management ("JLCM"), Investment Adviser to JLIF, said:

"JLIF is pleased to have furthered its presence in the Spanish market and to have done so via an exclusive process based on a relationship with a co-shareholder. We would like to thank Acsa for their efforts in reaching this agreement and for ensuring that the transaction completed in an efficient manner."