RiverRock acquires a minority stake in Pinhal Interior sub-concession, a Portuguese availability and inflation protected PPP road
RiverRock, through the RiverRock Brownfield Infrastructure Fund 1 (RBIF1), is pleased to announce that it has acquired a minority stake in availability and inflation protected PPP road sub-concession Pinhal Interior (PI) located in Portugal.
PI is a 93-kilometre motorway concession whose main axes are the A13, which connects Tomar to Coimbra Sul and A13-1, which connects Condeixa and A1. This sub-concession was awarded in 2010, operational since 2012, with the contract running until 2040.
The stake was acquired from a local construction company, one of the original shareholders. The vast majority of the revenues from the sub-concession are availability-based payments from the grantor, Infraestruturas de Portugal, a fully State-owned public limited company, and are indexed with inflation.
Ascendi, who is the main shareholder of the sub-concession, will continue to provide the management services of the road.
RiverRock has been advised by Cuatrecasas Portugal (Legal and Tax), Hogan Lovells Luxembourg LLP (Tax), Engimind (Traffic), Pedro A. Sousa (Technical).
Launched in late 2018, RBIF1 specialises in the investment and management of equity participations in operational infrastructure projects located in the Euro area. RBIF1 owns and manages close to 30 infrastructure projects and corporates in five European countries, primarily in the social and transport sectors.
RBIF1’s investment team has completed 8 transactions with the committed capital available
and is now working on a follow-up fund.
About RiverRock www.riverrock.eu
RiverRock European Capital Partners LLP is an alternative asset management firm which invests in private markets and real assets. It is headquartered in London with offices in Paris, Milan and Madrid. RiverRock is authorised and regulated by the Financial Conduct Authority (FCA) in the UK and the Autorité des marchés financiers (AMF) in France.
RBIF1 is a closed-end fund which is domiciled in Luxembourg, managed by RiverRock and regulated by the Commission de Surveillance du Secteur Financier (CSSF). RBIF1 invests in core European Infrastructure equity and focuses on operating Government-Related-Infrastructure assets, primarily those with availability-based and inflation-linked revenues. The geographic focus is Euro-denominated Western Europe.