John Laing Infrastructure Fund (JLIF) has announced that it has completed the acquisition of an additional 13.5% interest in the Barcelona Metro Stations Line 9 Section II project and a 13.5% interest in the Barcelona Metro Stations Line 9 Section IV project. The interests were acquired from co-shareholder Acsa, Obras e Infraestructuras, S.A.U., a member of the Sorigué group.

The aggregate consideration was approximately €62.5 million (US$68.6 million). Given recent movements in currency exchange rates JLIF has funded the full consideration by drawing in Euros on its multi-currency revolving credit facility.

As we reported in May, the deal includes an incremental investment in Section II and the acquisition of the interest in Section IV. JLIF's existing 40% interest in Section II was acquired in January 2016 from Iridium Concesiones de Infraestructuras, a subsidiary of Grupo ACS. 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. 

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

Andrew Charlesworth from John Laing Capital Management, Investment Adviser to JLIF, said:

"These high quality assets increase JLIF's geographic diversification and provide it with long-term, low risk, government-backed revenues. We look forward to working in partnership with all stakeholders in the projects to ensure their continued success."