Ferrovial and Interogo Holding, via its infrastructure investment fund Inter Infrastructure Capital (IIC), have created a joint venture vehicle (Umbrella Roads BV) to manage Ferrovial’s stakes in a number of road and parking concessions in Spain, Scotland, Ireland and Canada. The assets operate under availability payment schemes or have limited traffic risk.
Ferrovial will transfer the economic rights and hold the majority of the voting rights in Umbrella Roads BV through its toll road division Cintra, which will manage the operations under a service agreement. The partnership between Ferrovial and Interogo could allow for further collaboration between the parties in future.
The transferred stakes include the M3 Eurolink and M4 Eurolink motorways in Ireland; the M8-M73-M74 motorway in Scotland; the 407 East Extension Phase 1 and 407 East Extension Phase 2 in Canada, and Serrano Park in Spain. The economic rights in Autovía de la Plata (A-66) in Spain are also transferred.
The transaction is valued at 100 million euros which represents no material capital gain.
