26 November 2020  |  Madrid

DIF Capital Partners signed agreement to acquire 33.3% interest in Toledo Hospital PPP project

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure VI (“DIF VI”) has signed a share purchase agreement with Spanish infrastructure company OHL to acquire 33.3% of the share capital of Nuevo Hospital de Toledo S.A. (“Toledo Hospital” or “the Project”) and an indirect 33.3% stake in the company that operates the Project.

The Project consists of the construction, maintenance, financing and operation of the non-clinical services of the Toledo Hospital. The Project benefits from an availability based payment scheme granted by Castilla-La Mancha Health Service (SESCAM) under a concession that will run until 2045. The construction of Toledo Hospital started in 2016: it was officially inaugurated in November 2020 and is expected to be fully operational during 2021. The Project was built by a joint venture between OHL, Acciona and ACS.

Toledo Hospital is considered to be one of the largest hospital complexes in Europe. It will serve more than 434,000 inhabitants living in 116 municipalities in the province of Toledo. The Project comprises seven buildings with a total floor area of more than 245,000 m2, which are organized around a central street that functions as a public space and connects the various hospital services. It houses 1,142 beds, of which 760 are for hospitalization and 382 for other uses, 368 consultation rooms, 97 examination rooms, 120 outpatient posts, 42 emergency observation posts and 65 treatment posts, and examination bays.

Fernando Moreno, DIF’s head in Spain: “DIF has an excellent and long lasting relationship with OHL. We are very glad that we have been able to further develop our relationship through this high profile transaction. We are honoured to and believe that we are well placed to operate this landmark infrastructure project together with the grantor and our project partners. The Project perfectly fits in our portfolio and should provide a stable and strong yield for our investors”.

Closing of the transaction is expected to take place in the first half of 2021.

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:

  • DIF Infrastructure funds target equity investments with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), 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.

DIF Capital Partners has a team of over 150 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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

15 September 2020  |  Madrid

DIF Capital Partners to acquire stakes in two Portuguese availability PPP roads

DIF Capital Partners, through DIF Infrastructure VI, is pleased to announce it has reached an agreement to acquire a 49% stake in the Norte Litoral and a 48% stake in the Via do Infante availability PPP roads from Cintra, a subsidiary of Ferrovial. Closing of the transaction is subject to customary approvals from Portuguese authorities and lenders.

Through other funds under its management DIF Capital Partners controls the remaining 51% stake in Norte Litoral as well as a 49% stake in Via do Infante, stakes it acquired from Cintra in 2016.

Via do Infante (A22) is a 133 kilometer motorway concession between Lagos and Castro Marim in the South of Portugal. This concession was awarded in 2000, with the contract running until 2030. Norte Litoral (A28 and A27) is a 113 kilometer motorway concession between Porto and Caminha, and from Viana do Castelo to Ponte de Lima, in Northern Portugal. This concession was awarded in 2001, with the contract running until 2031. Both concessions benefit from availability payments which represent ca. 95% of revenue. Cintra will continue to provide the management services for both roads.

Fernando Moreno, partner at DIF Capital Partners, said: “We are very pleased with the addition of these critical and robust road assets to the DIF VI portfolio. Given their structure, the projects have continued to demonstrate strong performance despite the Covid-19 crisis.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.6 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 Infrastructure funds target equity investments in projects with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), 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.

DIF Capital Partners has a team of over 145 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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

11 September 2019  |  Madrid

DIF Capital Partners agrees to sell portfolio of Spanish infrastructure concessions

DIF Infrastructure Fund III (“DIF III”), alongside its co-investors Swiss Life Asset Managers and Industriens Pension, is pleased to announce the signing of an agreement for the sale of its stakes in a portfolio of Spanish availability-based infrastructure concessions to Brookfield Super-Core Infrastructure Partners, an open-ended infrastructure fund managed by Brookfield Asset Management.

The portfolio includes significant shareholdings in concessions of the Majadahonda hospital in Madrid; the Line 9 section IV metro stations in Barcelona; and three transport hubs in Madrid: Avenida de America, Plaza de Castilla and Principe Pio.

Andrew Freeman, Head of Exits, said: “This is our first major exit in the Spanish infrastructure concession market, and represents an attractive exit for DIF III and our co-investors. It is part of our strategy of proactively targeting the sale of assets from our mature funds which have been successfully optimized.”

DIF was advised by Santander (M&A), HSF (Legal), Arup (Technical) and KPMG (Tax & Accounting).

Closing of the transaction is subject to receipt of usual consents from project counterparties.

About DIF Capital Partners

DIF Capital Partners (“DIF”) is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in construction and operational infrastructure assets, that generate stable and predictable cash flows, located in Europe, Americas and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 130 professionals, based in nine offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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

5 February 2019  |  Madrid

DIF acquires Spanish hospital

DIF is pleased to announce that it has closed the acquisition of a 100% interest in the Infanta Leonor Hospital in Spain located in the Vallecas district, southeast of Madrid. DIF Infrastructure V acquired the interest from Pralesa Concesiones and three other minority shareholders.

The project consists of the construction, maintenance and operation of the non-medical services of the Infanta Leonor Hospital which operates under an availability based payment scheme granted by the Community of Madrid. The hospital started operations in 2007 and the concession will run until 2035.

Infanta Leonor Hospital is one of the primary hospitals in the Madrid region, with a surface area of ca. 85,000 sqm and over 200 beds, providing services to a population of over 300,000 patients.

Fernando Moreno, DIF Partner and Head of Spain, added: “DIF is very pleased to have closed this acquisition. We are looking forward to working together with all stakeholders involved in the hospital to provide excellent services to the community of Vallecas. We believe this high quality project fits our existing Spanish portfolio very well and will deliver a stable yield to our investors”.

In this acquisition, DIF was advised by PwC (Financial), Jacobs (Technical), Garrigues (Tax) and Herbert Smith Freehills (Legal).

About DIF
DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 115 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

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

20 July 2018  |  Madrid

DIF Infrastructure V acquires 100% of Hospital de Vallecas S.A.

DIF Infrastructure V is pleased to announce the acquisition from Pralesa Concesiones and other minority shareholders of a 100% stake in Hospital de Vallecas.

The Hospital de Vallecas project consists of the construction, maintenance and operation of the non-medical services of the Infanta Leonor Hospital under an availability based DBFM scheme granted by the Community of Madrid. The hospital started operations in 2007, with the concession having a remaining life of ca. 17 years, ending in 2035.

Infanta Leonor Hospital is one of the primary hospitals in the Madrid region, with a surface area of ca. 85,000 sqm and over 200 beds, providing services to a population of over 300,000 patients.

DIF was advised by Herbert Smith Freehills (Legal), PwC (Financial), Jacobs (Technical) and Garrigues (Tax).

Fernando Moreno, Partner and Head of Spain, said: “DIF is pleased to invest in Hospital de Vallecas, a well-managed high-quality asset, and to expand its footprint in the hospital sector in Spain after acquiring a majority stake in Hospital de Majadahonda in 2015”

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has over 100 professionals in eight offices, located in Amsterdam, Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please see www.dif.eu for further information.

For more information please contact:

Barend Bloemarts
Director, Investor Relations and Business Development
Email: b.bloemarts@dif.eu

Fernando Moreno
Partner, Head of Spain
Email: f.moreno@dif.eu

21 June 2017  |  Madrid

DIF acquires shadow toll road in Spain

DIF Infrastructure IV (“DIF”) is pleased to announce that it has acquired from OHL Concesiones (“OHL”) 45% of the shares in Autovía de Aragon, S.A, a shadow toll road linking the Madrid city center with Barajas airport (“Autovia de Aragon”).

In addition to DIF’s share, OHL will maintain its position as a significant industrial partner in Autovia de Aragon. TYPSA, a leading consulting engineering firm, will retain its 5% share in the company.

Autovia de Aragon is one of the main road accesses to Madrid and one of the alternatives that links the city center and the airport. The road is located in one of the most urbanized and industrial corridors linking Madrid’s urban center with Guadalajara. The 19-year concession started in 2007, (with end date December 2026) and operates the first section of the A-2 Motorway, which is the main connection between the cities of Madrid and Barcelona.

Autovia de Aragon is DIF’s first road investment in Spain following the acquisition of 6 PPP projects in other sectors. Long term financing is in place and provided by EIB, FMSW and ICO (Instituto de Crédito Oficial).

Fernando Moreno, DIF’s head of Spain, said: “DIF is very pleased to establish this long term partnership with OHL and invest in this high quality asset that will provide a strong return and steady cash yield for DIF’s investors”.

DIF was advised by Uría & Menéndez (legal), Garrigues (tax), PWC (model/financial) and Arup (traffic/technical).

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €4.2 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Paul Nash, Partner
Email: p.nash@dif.eu

Allard Ruijs, Partner
Email: a.ruijs@dif.eu