AXA Investment Managers - Real Assets announces direct infrastructure investment with stake in French motorway A63
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real assets investment and the leading(1) real estate portfolio and asset manager in Europe, announces that it has completed, on behalf of AXA Germany and AXA France, and in joint venture with Crédit Agricole Assurances, the acquisition of a 42% stake in Atlandes the concession-holder of the A63 motorway in South-West France. The vendor, InfraRed Capital Partners, a leading investment manager in Infrastructure and Real Estate, acting on behalf of InfraRed Infrastructure Fund III, has disposed of the entirety of the fund’s stake. The remaining 58% of Atlandes is held by a consortium of industrial partners and financial investors.
The A63 is a 104 kilometre motorway located in the South-West of France, connecting Bordeaux to the Spanish border, with two toll points along the route. The strategic asset, which has been in operation since 2011, links Northern Europe to the Iberian Peninsula, hosting an average of 30,000 international vehicles of all types daily. The traffic has been particularly resilient and the motorway is well maintained by Atlandes.
This long-term investment is driven by the strong underlying fundamentals and solid returns associated with the ownership of an essential, tolled European thoroughfare. It allows AXA IM - Real Assets to offer its clients a diversified real assets portfolio with exposure to the private infrastructure sector, whilst reaffirming its 360° approach to investing into the four key areas of direct property and infrastructure, in addition to private and listed debt.
AXA IM - Real Assets is increasing its focus on sourcing attractive equity infrastructure opportunities worldwide, complementing its broader property expertise, under the leadership of Ruulke Bagijn, Global Head of Real Assets Private Equity. This transaction comes shortly after the announced appointment of Mark Gilligan as Head of Infrastructure Equity and represents the new team’s first direct investment into the infrastructure sector, illustrating AXA IM - Real Assets’ clear ambition to grow its level of direct investments into this asset class.
Ruulke Bagijn, Global Head of Real Assets Private Equity at AXA IM - Real Assets, commented: “This transaction is an important milestone for AXA IM - Real Assets as it exhibits our expertise in sourcing unique direct infrastructure investment opportunities in addition to the value we can offer clients across our increasingly wide spectrum of investment strategies. The A63 is already a successful and well managed motorway that demonstrates the importance and positive impact of attracting private investment into major infrastructure projects. We are very pleased to be working in coordination with our new partner Crédit Agricole Assurances, we firmly believe that our combined experience and strategic approach will lead to the asset’s further prosperity and continued operational success.”
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1) Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2015
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