Ferrovial sells its 50% stake in Autopista Trados 45 for 67 million euro


  • AXA Private Equity acquires the stake in a section of Madrid’s M-45 motorway.
  • The deal is part of Ferrovial’s asset rotation policy.

Cintra, Ferrovial’s toll road subsidiary, reached an agreement today to sell its 50% stake in Autopista Trados 45, S.A. to FINAVIAS, an investment vehicle for the infrastructure funds of AXA Private Equity. The sale totals 67 million euro.

Autopista Trados 45 manages a 14.5-kilometer section of the M-45 highway in Madrid, between O’Donnell and the junction with the N-IV. It is a shadow toll road whose tolls and maximum payments from the Madrid regional government are inflation-indexed.

This section of the road was inaugurated in March 2002 and the concession runs until 2029. In 2009, the concession company reported revenues of 26.6 million euro (+1.5%). Average Daily Traffic (ADT) on Trados 45 in 2009 was 60,669 vehicles.

Closure of the transaction is subject to mandatory notifications and obtainment of the relevant authorizations. Enrique Díaz-Rato, CEO of Cintra: “This transaction is part of our strategy to raise additional funds by selling more mature assets in portfolio with a view to investing in new projects with high value creation potential.”

This deal is part of the company’s asset rotation strategy. Cintra divested its car park business and its assets in Chile in recent months.

Mathias Burghardt, Head of the Infrastructure Group of AXA Private Equity: This is an important transaction for AXA Private Equity as it is in line with our strategy of timely investing in mature long term infrastructure assets. Autopista Trados 45 is attractive because revenues are protected against inflation, its traffic is well established, the concession will run until 2029, and it will strengthen our position in one of Europes biggest countries.


Ferrovial is one of the world’s leading infrastructure groups, with a presence in over 49 countries and operations in such areas as construction, airport and toll road management and maintenance, and services. The company owns two of the world’s leading private transport infrastructures: 407 Express Toll Route, in Toronto, and Heathrow airport, in London. It also has the Chicago Skyway and Ausol in Spain. The company, which is listed on the Madrid Stock Exchange, is a member of prestigious sustainability indices such as DJSI and FTSE4Good.

AXA Private Equity

AXA Private Equity is a leading private equity firm with US$25 billion in managed assets and a global reach extending across Europe, North America and Asia. The firm offers investors the full spectrum of private equity services for every market segment: direct funds, infrastructure financing, mid cap and small cap buyouts, venture capital, co-investments, fund of funds as well as mezzanine financing.

With offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna, AXA Private Equity supports the development and long-term growth of its portfolio companies with sustainable growth strategies and by granting them access to the AXA international network. AXA Private Equity has earned the trust of its investors by regularly supplying them with transparent performance data on its funds and portfolio companies.


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