Transportation Archives - DIF Capital Partners

5 March 2024 | Schiphol

DIF Capital Partners raises EUR 6.8 billion for its latest infrastructure funds

The successful fund raisings for DIF VII and CIF III represent a 50% increase compared to the prior funds.

DIF Capital Partners (DIF), a leading global infrastructure fund manager, is pleased to announce it has raised EUR 6.8 billion for its latest infrastructure funds with final closes across DIF Infrastructure VII (DIF VII) EUR 4.4 billion, DIF Core-Plus Infrastructure Fund III (CIF III) EUR 1.6 billion, and certain Co-investment vehicles EUR 0.8 billion.

DIF experienced strong investor demand from both existing and new institutional investors across the globe, enabling both DIF VII and CIF III to exceed their target fund sizes of EUR 4.0 billion and EUR 1.5 billion respectively. Total commitments for the predecessor funds (DIF VI and CIF II) equaled EUR 3.0 billion and EUR 1.0 billion.

DIF VII targets infrastructure investments, often concession-based or with long-term offtake agreements offering stable and predictable cash flows as well as attractive risk-adjusted returns. Sectors covered are transportation, (renewable) energy, digital infrastructure as well as utilities.

CIF III targets investment opportunities with strong growth potential. It focuses on a broad range of infrastructure sectors including digital infrastructure (specifically datacenters and fibre), energy transition as well as sustainable transportation.

Both fund strategies target a mix of operational and greenfield investments and predominantly focus on Europe and North America.

The funds received commitments from a diverse institutional investor base of more than 110 investors across Europe, the Americas, Asia, and the Middle East, including public and private pension plans, sovereign wealth funds, insurance companies, financial institutions, foundations, and private wealth investors.

Wim Blaasse, CEO at DIF Capital Partners, said: “We are extremely grateful to our investors for their trust and support, and this successful fundraising reinforces DIF’s leading position in the infrastructure market.

In addition, we are excited by the journey ahead as we team up with CVC, and accelerate the growth of our investment capabilities, our geographic reach, and lever the CVC network”.

Gijs Voskuyl, Deputy CEO at DIF Capital Partners, said: “An ever growing demand for infrastructure capital provides an exciting investment opportunity for us, and with our investment track record and experienced teams on the ground across our network of offices in eleven countries, we are confident we can use this capital to take advantage of attractive investment opportunities.”

To date, both funds have invested or committed to nine investments each, thereby deploying around 50% of total commitments. For DIF VII this includes investments in Saur, a global water solutions provider, Fjord1, a Norwegian electric ferry concessions operator and Green Street Power Partners, a US distributed solar developer/IPP. For CIF III this includes investments in metrofibre, a German urban fibre roll-out platform, Tonaquint, a US datacenter platform and Rail First, an Australian rail leasing business.

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

For more information, please visit www.dif.eu or follow us on LinkedIn.

Press contact:

DIF Capital Partners: press@dif.eu

DIF Capital Partners raises EUR 6.8 billion

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28 February 2024 | London

DIF Capital Partners sells US toll road Northwest Parkway

DIF Capital Partners (DIF) is pleased to announce that it has signed an agreement to sell its 33.3% stake in Northwest Parkway to VINCI Highways, subsidiary of VINCI Concessions, part of the VINCI group, global concession operator and construction company headquartered in France and listed on the Paris Stock Exchange. DIF is selling its stake in the toll road alongside its co-shareholders HICL Infrastructure PLC and funds managed by Northleaf Capital Partners in a joint sale for 100% of the equity interest in the project.

The Northwest Parkway toll road project (NWP) is a ca. 14km US toll road located in Denver, Colorado. Originally constructed in 2003, NWP comprises the northwest quadrant of the Denver Metropolitan area beltway. Among other purposes, the road serves as a vital connection between Northwest Denver and the Denver International Airport. The road was acquired by DIF in 2017, via its DIF Infrastructure IV (DIF IV) fund and co-investors, alongside consortium members.

Andrew Freeman, Partner and Head of Exits at DIF Capital Partners, said: “This successful exit represents a material transaction for DIF IV, after actively managing it through covid times back to normality, generating strong yield and now realising attractive returns for our investors.”

Closing of the transaction is subject to customary conditions and approvals, and is expected to take place in Q2 2024.

DIF was advised on the transaction by Evercore (financial), Kirkland & Ellis (legal), C&M (traffic & revenue), KPMG (accounting & tax) and Arup (technical).

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with over EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower-risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital infrastructure, energy transition and sustainable transportation sector.

For more information, please visit www.dif.eu or follow us on LinkedIn.

Press contacts:
DIF Capital Partners: press@dif.eu

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31 October 2023 | Schiphol

DIF Capital Partners and EDF Invest to acquire leading Norwegian electric ferry operator Fjord1

DIF Capital Partners (via its DIF Infrastructure VII fund), and EDF Invest (the investment arm of the EDF Group in real assets) have entered into a definitive agreement to acquire Fjord1, the largest owner and operator of ferries in Norway.

The company will be acquired from Vision Ridge Partners, a global sustainable real assets investor, and Havila Holding, an investment company owned by the Sævik family in Norway. Vision Ridge and Havila Holding have been investors in Fjord1 since 2019 and 2011, respectively. Terms of the transaction were not disclosed.

Operating under long term concessions and with a fleet of 81 vessels, Fjord1 is Norway’s largest ferry operator and the nation’s leading owner and operator of electrified ferry transportation. Ferries are an integral part of the Norwegian transportation infrastructure, with the company serving approximately 50% of all Norwegian passengers and providing critical high-frequency boat services between the mainland and islands, as well as across fjords that facilitate commuting, leisure, tourism, and goods transportation across the country.

Gijs Voskuyl, Partner at DIF, says: “We’re very excited to invest in Fjord1, which is operating under a concession-based model, and which is a leader in delivering environmentally friendly and reliable ferry transportation in Norway. We look forward to working with our partner EDF Invest and the company’s management team to continue to invest in new vessels as Fjord1 continues to grow its electrified fleet to support the energy transition of the ferry industry.”

Alexandre Pieyre, Head of EDF Invest, adds: “EDF Invest is thrilled to invest in Norway and become a shareholder of Fjord1, a company at the forefront of innovation and decarbonization. Alongside our partner DIF and with an experienced management team, we look forward to supporting the company and its employees to pursue this low carbon strategy and to bring even more innovation to the transportation industry.”

Following the close of the transaction, which is expected in early 2024, Fjord1 will continue to be led by CEO Dagfinn Neteland, supported by his current team of over 1,000 employees.

“Management is pleased that the sales process has been completed, which has been a long and thorough process, where we experienced significant interest in the company from a number of parties. The management team is excited and looking forward to working with the new owners of the company and jointly build on the strong position that Fjord1 has in the market to make the company even stronger in the years ahead.” says Dagfinn Neteland, CEO of Fjord1.

Under Vision Ridge’s and Havila Holding’s ownership, the proportion of vessels within Fjord1’s fleet that operate on electricity has increased by over 50%. As a result, Fjord1’s operating fleet today is approximately 60% electric – the highest proportion in Norway – and comprises approximately half of all electric ferries currently operating in Norway, serving 44 routes across 16 contracts in the Norwegian market.

“Having been part of a transitional period for Fjord1, where the company has been at the forefront of implementing electric ferries, we are happy to have found a new owner for Fjord1 who can help develop the company further. The last tender win where Fjord1 is to deliver autonomous operations is a testament to the competence in the company. There is no doubt in my mind that Fjord1 will continue to be a world leader in zero emission transportation and operational excellence,” comments Vegard Sævik, Chairman of Fjord1 AS & Board of Director at Havila Holding.

“Since investing in Fjord1 in 2019, we have worked closely with Havila Holding to strategically scale the company’s operations and increase fleet electrification to help cement its position as the nation’s leading owner and operator of electrified ferry transportation. Vision Ridge is proud to have executed our mission of mobilizing capital to address climate change and the tremendous progress Fjord1 has made over the last five years as a result. We are confident that DIF and EDF Invest are the ideal partners to help further grow Fjord1’s market share of the Norwegian fleet sector and look forward to the company’s continued success,” concludes Reuben Munger, Managing Partner and Chief Investment Officer of Vision Ridge.

Rothschild & Co. served as financial advisor, and Ropes & Gray LLP and Schjødt served as legal advisors, to Vision Ridge and Havila Holding. DIF and EDF Invest are advised by Deutsche Bank and Cantor Fitzgerald (financial advisors), Jefferies and Cantor Fitzgerald (debt advisors), Wikborg Rein (legal advisor), Allen & Overy (legal advisor – financing), Roland Berger (commercial advisor), Arup (technical advisor), PWC (financial and tax advisor) and Deloitte (operational advisor).

Press contacts:

For DIF Capital Partners

press@dif.eu

For EDF Invest

jessica.goncalves@edf.fr

For Havila

Vegard Sævik

vegard@havila.no

For Vision Ridge Partners

Amanda Shpiner/Sara Widmann

Gasthalter & Co.

(212) 257-4170

Vision-Ridge@gasthalter.com

About Fjord1

Fjord1 is the leading floating bridge operator in Norway, providing critical high-frequency ferry and express boat services with a large fleet of modern and electric ferries. Since starting operations in 1858 in Florø, Fjord1 has extended its fleet to 81 vessels (including 39 electric projected as of end of year) and now operates 44 routes across 16 contracts. Revenues are underpinned by long-term availability-based contracts which have no volume risk and Fjord1 is leading the shift to zero-emission ferry connections. For more information, please visit: www.fjord1.no/eng.

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with ca. EUR 16 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

With a team of over 225 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu or follow us on LinkedIn.

About EDF Invest

EDF Invest, the investment arm of EDF for non-listed Dedicated Assets, currently manages around €9bn of equity and is targeting around €12 billion in the next few years. EDF Invest contributes to the funding of the decommissioning of EDF’s power plants in France. Its mission is to diversify EDF’s portfolio of Dedicated Assets and lengthen its investment horizon by targeting three non-listed asset classes in France and abroad: Infrastructure, Real Estate and Funds. For more information, please visit www.edfinvest.com or follow us on Linkedin.

About Havila Holding

Havila Holding is a family-owned, industrial investment company located in the west coast of Norway. Based on the family’s background in fishing vessels Havila Holding has utilized the generational know-how of safe and efficient operations to establish a portfolio of companies with a main focus in the maritime sector. The company is owned by the Sævik-family. For more information, please visit: https://en.havila.no/.

About Vision Ridge Partners

By seeking to deliver superior investment returns, Vision Ridge mobilizes capital to address humanity’s greatest challenge: climate change. The Vision Ridge team seeks to leverage its diverse, complementary skillsets, deep industry experience, and strong network of relationships to execute investments across sustainable real assets with a focus on energy, transportation and agriculture. Vision Ridge manages approximately $3.25 billion on behalf of institutional investors globally, as of September 30, 2023. For more information, please visit: https://vision-ridge.com.

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7 February 2023 | London

DIF Capital Partners divests portfolio of rail freight wagons

DIF Capital Partners is pleased to announce that it signed an agreement with Wascosa, a leading asset manager of freight wagons, to divest its portfolio consisting of 564 rail freight wagons (“Rota Rail II”). Closing of the transaction will occur in tranches in the first half of 2023. The assets are an investment of DIF’s core-plus CIF I fund.

DIF acquired and grew the portfolio to its current size between 2019 and 2021, and upgraded some of the railcars to ensure their compliance with the highest safety standards. The portfolio proved to be resilient throughout COVID and continued to perform well, despite an uncertain political and macroeconomic environment.

Andrew Freeman, partner and Head of Exits at DIF Capital Partners commented: “We have taken the opportunity to make an early sale in the fund life of DIF CIF I by tapping into the favourable market for high quality European rail cars. The sale will generate attractive returns for CIF I investors, and further demonstrates the strong CIF fund strategy. We have highly appreciated the good working relationship we have had with Wascosa during our period of ownership.”

CMS acted as legal and tax advisor to DIF.

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. The company was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two fund strategies: its traditional DIF funds, of which DIF VII is the latest fund in the series, invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

Contact: Diederik Heinink, d.heinink@dif.eu

About Wascosa

Wascosa is one of the largest rail freight wagon rental companies in Europe. Based in Lucerne, it was founded in 1964 and is one of the industry pioneers in freight wagon rental. Its core business is the leasing and management of freight wagons for use in rail transportation throughout Europe.

Today, Wascosa has a highly diversified fleet of over 15,000 wagons ranging from tank wagons for the chemical and oil industries to container and pocket wagons for intermodal transport, as well as wagons for transporting bulk goods and for use in infrastructure construction.

Wascosa is also home to the highly acclaimed flex freight system® which is a modular wagon concept developed by the company’s own engineers. Wascosa’s biggest customers include petroleum and chemical groups, industrial and logistics companies, but also private and state railway companies.

Over 100 employees work from its offices in Lucerne, Hamburg, Hull (UK), Madrid and Milan, serving national and international customers alike.

www.wascosa.com

About Rota Rail II

Rota Rail II is a portfolio of 564 rail freight wagons. The cargo wagons are leased out to major railway operators, logistics firms and industrial companies. Commercial and technical management for the wagons had been secured under an operational Asset Management Agreement for the next 20 years, with the railcar operators covering the statutory maintenance and operational obligation under German regulation.

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6 September 2022 | Schiphol

Willem Jansonius in Mid Market Roundtable | Infrastructure Investor September 2022

The magic of the mid-market.

In the 2022 edition of the Infrastructure Investor Mid Market Roundtable DIF’s Head of CIF Willem Jansonius explains why the mid market is such an interesting part of the infrastructure space, continuing to offer highly attractive investment opportunities for the DIF strategies.

To read the complete article, please open Willem Jansonius in Mid Market Roundtable (September 2022)

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5 September 2022 | Sydney

DIF Capital Partners to acquire Rail First, Australia’s leading rail freight leasing company

DIF Capital Partners (“DIF”), through its DIF Core-plus Infrastructure Fund III (“CIF III”), and Amber Infrastructure Group are pleased to announce they have signed an agreement to jointly acquire Rail First (the “Company”), the leading Australian rail freight leasing company, on a 50-50 basis, from Anchorage Capital Partners.

Rail First offers leasing solutions for rolling stock such as locomotives, as well as intermodal and hopper wagons. The Company’s leasing offering is supported by a growing locomotive and wagon maintenance operation. Rail First has a blue-chip customer base, reflecting a meaningful proportion of Australia’s haulage task, with a well-diversified underling product mix. Typical leases are for 3-5 years, aligning with the underlying haulage contracts. The strength of the Company’s resilient business model was demonstrated during COVID-19, when major intermodal volumes remained steady. Rail First has strong barriers to entry and is expected to benefit from several long-term tailwinds, including the Inland Rail project between Melbourne and Brisbane once operational. Rail First will drive the transition towards lower emission intensity transport offerings, with a proven ESG track record and several long-term initiatives in place.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, said “DIF is delighted to invest in Rail First, as it provides unique access to Australia’s attractive rail leasing market. The Company is well positioned to partner and grow with its customers. We look forward working together with the Company’s experienced management team to offer more environmentally friendly leasing solutions to the Australian rail market.”

Mark Kirkpatrick, CEO of Rail First, added: “We are excited to partner with DIF, given their successful track record of rail and infrastructure investments, globally and in Australia. Their prior experience combined with significant capital commitment to fund our continued growth places Rail First in a strong position to grow alongside our customers.”

The transaction is subject to approval by Australia’s Foreign Investment Review Board. The transaction is expected to close by end-October 2022.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core and build-to-core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

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25 April 2022 | London

DIF Capital Partners to divest its stakes in three Irish roads

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has signed an agreement to sell its stakes in three Irish roads to Semperian PPP Investment Partners (“Semperian”).

The Irish roads portfolio consists of shareholdings in three projects that DIF invested into between 2013 and 2016: M3 Motorway, M4 Motorway and M50 Motorway. The M3 and M4 Motorway projects are demand-based toll roads and the M50 Motorway is an availability-based public private partnership. DIF has optimised these projects throughout its ownership and worked closely with the local management teams to successfully steer the roads through the Covid-19 pandemic. Traffic on the M3 and M4 Motorway projects has materially recovered in the last few months as lockdown restrictions have been lifted in Ireland. The sale of these assets means DIF III is almost fully divested as the end of the fund life approaches.

Andrew Freeman, Head of Exits at DIF: “We are very pleased with the sale of this high quality roads portfolio which delivers a strong exit outcome for our DIF III investors. We are confident that Semperian will be an excellent counterparty to the projects going forward given their extensive experience in managing these type of assets.”

DIF was advised on the transaction by Cantor Fitzgerald (financial), HSF (legal), Arthur Cox (Irish counsel), Jacobs (technical) and KPMG (tax & accounting).

Closing of the transaction is expected to take place in Q3 2022 subject to the receipt of customary approvals and consents.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

DIF CIF funds, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
Traditional DIF funds, of which DIF Infrastructure VI is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

Contact: Thijs Verburg, t.verburg@dif.eu.

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5 April 2022 | Madrid

DIF Capital Partners signs a JV agreement with Boluda Corporación Marítima to invest in Boluda Maritime Terminals

DIF Capital Partners (“DIF”), through its DIF CIF II fund, has signed an agreement to acquire an undisclosed stake from Spanish main shipping and port services company, Boluda Corporación Marítima (“Boluda CM”), in its container terminal division, Boluda Maritime Terminals. Boluda CM will remain the majority shareholder in the joint venture (“JV”).

The transaction involves 8 container terminals located in continental Spain and the Canary Islands with a total capacity of over 1.5 million TEUs. All terminals are operated under a concession granted by the port authorities. Focused on gateway cargo, these maritime terminals provide loading, unloading, warehousing, handling of containers, and general cargo services. The JV employs ca. 150 employees. Each terminal has its own financing in place with no new debt being arranged in the context of the transaction.

The terminal portfolio is key to serve essential goods from / to the Canary Islands, a region which represents a population of ca. 2 million inhabitants. The JV agreement includes specific arrangements to further invest in container terminal opportunities.

The terminals will continue to benefit from the support of Boluda Lines, the maritime transport division of Boluda CM, which has developed a successful container cargo service between the Iberian Peninsula, the Canary Islands and other regions in Europe and Africa. The JV has signed a long-term contract with Boluda Lines.

Willem Jansonius, head of DIF CIF Investments, says: “We are pleased to announce the agreement reached with Boluda CM to invest in their container terminal business. The Boluda terminals are essential infrastructure assets delivering cargo services 24/7 to the Iberian Peninsula and the Canary Islands. We are looking forward to continuing to grow the business together with Boluda CM, management and employees and aim to work closely with its customers, the port authorities and other stakeholders”.

The completion of the acquisition is subject to antitrust approval.

DIF was advised by Deloitte (financial), Uria (legal) and Drewry (commercial and technical). Boluda CM was advised by Ocean Capital Partners (financial) and CMS (legal).

About DIF Capital Partners

DIF CIF funds, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
Traditional DIF funds, of which DIF Infrastructure VI is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 180 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Jorda Zuurendonk, j.zuurendonk@dif.eu.

About Boluda Corporación Marítima

Boluda Corporación Marítima is the holding company of the main shipping and maritime services group in Spain. The company is organized in 2 strategic divisions:

Boluda Towage, which mainly provides tugboat services, being an undisputed leader on both a national and international level, with a fleet of over 300 tugs operating in the main ports of Europe, Africa, America and the Indian Ocean. The division also provides coastal, ocean, and offshore towage and maritime salvage services.
Boluda Shipping division, which, in addition to holding the container terminal division of the group, provides shipping services (Boluda Lines) through a wide offer of commercial lines linking the Iberian Peninsula, the Canary Islands, the Balearic Islands, Italy, northern Europe, the west coast of Africa and Cape Verde. The division also offers general cargo, international freight forwarding and other port logistics services.

For more information, please visit www.boluda.com.es

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28 October 2021 | Sydney

DIF Capital Partners consortium reaches financial close on A$11.1 billion Australian North East Link PPP

DIF Capital Partners (“DIF”) is pleased to announce that the SPARK consortium comprising DIF Infrastructure VI (“DIF VI”), Capella Capital, John Laing, Pacific Partnerships, CPB Contractors, GS Engineering & Construction, WeBuild, China Construction Oceania and Ventia has reached financial close on the landmark North East Link project in Melbourne, Australia.

North East Link will be the largest transport project in Victoria’s history and the largest PPP project in Australia, with a total cost of A$11.1 billion. DIF VI will own a 20% stake in the Primary Package PPP, which has an unprecedented long-term financing structure in place with top tier local and international financiers.

North East Link (click here for video) will be Victoria’s longest twin road tunnel, with three lanes and ca. 6.5 kilometres in length, finally closing the missing link in Melbourne’s freeway network. Up to 135,000 vehicles will use North East Link every day, reducing congestion in the north-east, and giving back local roads to local communities. North East Link will slash travel times by up to 35 minutes, take 15,000 trucks of local roads each day, and create more than 10,000 local jobs.

The project will be delivered by a design & construction joint venture consisting of WeBuild, CPB Contractors, GS Engineering and China Construction Oceania. Operations and maintenance will be undertaken by Ventia.

Gijs Voskuyl, Partner and Head of Investments for DIF VI added: “DIF is excited to work with the North East Link Project Authority and alongside our leading Spark consortium members to deliver this critical missing link in Melbourne’s road network. The North East Link project will not only create thousands of local community jobs, it will also reduce congestion and remove significant freight transport from the existing suburban roads, and thereby significantly improving the liveability of the surrounding communities.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
DIF CIF funds, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact:
Thijs Verburg, IR & BD
Email: t.verburg@dif.eu

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27 May 2021 | Schiphol

DIF CIF II reaches final close above €1.0 billion target size

DIF Capital Partners (“DIF”) is pleased to announce the final close of DIF Core Infrastructure Fund II (“DIF CIF II”) at €1,012 million, exceeding its €1,000 million target.

DIF CIF II targets equity investments in the small- and mid-sized economic infrastructure market in pre-dominantly telecom, transportation and energy. DIF CIF II focuses on resilient companies and platforms that have a clear buy-and-build strategy – all with an asset-heavy business model. Its investments typically have medium-term contract cover and strong value enhancement potential. The fund targets both greenfield and operational investments, with a key focus on Europe and North America.

DIF CIF II is the successor fund of DIF CIF I, which held its final close in November 2017 at €450 million and invested in 13 companies and platforms in the telecom, energy and transportation sectors. DIF CIF II has seen strong backing from existing (both CIF and Traditional DIF funds) and new investors to the DIF platform, receiving commitments from leading institutional investors from EMEA and North America.

Allard Ruijs, Partner at DIF Capital Partners said: “We are thankful for the strong support received from investors for the DIF CIF II partnership. The CIF strategy is a relatively young strategy for DIF and the success of the fundraising of this second fund, especially during unprecedented and challenging Covid-19 times, shows the strength of the DIF platform and the attractiveness of the DIF CIF II proposition. The fact that many of our existing investors, from both DIF CIF I and the Traditional DIF funds, have backed this strategy proves that our investors value the complementarities of the two strategies. The fund will be leveraging DIF’s large global office network and dedicated local teams to source and manage attractive investment opportunities and build a resilient and diversified portfolio.”

DIF CIF II has made a strong start, having committed to five investments to date thereby deploying ca. 35% of the fund. This includes investments in (i) Valley Fiber, a Canadian telecom infrastructure platform, (ii) IELO, a French B2B wholesale fiber operator and developer, (iii) Touax Rail, a French railcar leasing company, (iv) 4^th Utility, a UK fiber developer, and (v) Bartolomeo, an Irish container leasing platform. Furthermore, the fund has a strong pipeline of investments across its target sectors and geographies.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €9.0 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.
Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.

DIF Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

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19 April 2021 | London

DIF Capital Partners agrees to sell a portfolio of European PPP assets to Equitix

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) and DIF Infrastructure IV (“DIF IV”) have agreed to the sale of their stakes in a portfolio of six European PPP assets to Equitix, a leading UK and European infrastructure fund manager.

The portfolio consists of shareholdings in a number of critical infrastructure projects that DIF invested into as primary transactions: A1/A6 Road, IJmond Sea Lock and N18 Road in the Netherlands; A7 Nord Road and Netz West Rolling Stock in Germany; as well as the KAV Vienna Hospital in Austria. With the exception of IJmond Sea Lock which is currently in the final stages of construction, all of the projects are operational under availability-based contractual structures that are backed by strong public counterparties.

Andrew Freeman, Head of Exits at DIF, said: “We are very pleased with the sale of this well diversified and optimised portfolio of North-Western European PPP assets which represents an attractive exit for our DIF III and DIF IV investors. We believe Equitix is an excellent counterparty and is perfectly positioned to manage the assets until maturity.”

Hugh Crossley, Chief Investment Officer for Equitix, said: “As we continue to diversify and grow our European portfolio, we are always looking out for attractive opportunities to acquire high-quality assets that meet our responsible investment criteria. The DIF portfolio does just this and will allow us to leverage our continental expertise for the benefit of investors in our European Infrastructure Fund.”

DIF was advised on the transaction by Cantor Fitzgerald and PwC (financial), Allen & Overy (legal), PwC (tax & accounting), as well as Atkins and Arup (technical).

Equitix was advised by CMS (legal), Deloitte (tax and accounting) and Arcadis (technical).

Closing of the transaction is subject to the receipt of customary approvals and consents.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.