Rubicon Advises on Sale of Minority Equity Stake in Line 1 Zaragoza Tram
Rubicon Advises on Sale of Minority Equity Stake in Line 1 Zaragoza Tram
DUBLIN, IRELAND, January 18, 2019 – Rubicon Infrastructure Advisors (“Rubicon”) announced today the successful sale of a 16.8% equity interest in Consorcio Traza S.A., the private shareholding group of Sociedad de Economia Mixta Los Tranvias de Zaragoza S.A. (the “Company”), which holds the concession for the Line 1 Zaragoza Tram in the City of Zaragoza (the “Project”) to TIIC 2 SCA SICAR (“TIIC 2”) a Luxembourg-based fund managed by TIIC Advisor (“TIIC”). Rubicon acted as exclusive financial advisor to the sellers, Ibercaja Banco, S.A. (“Ibercaja”) and Concessia, Cartera y Gestión de Infraestructuras, S.A. (“Concessia”).
The sale follows the successful refinancing of the Project through a private placement at the beginning of 2018 where Rubicon also acted as a financial advisor to the Company and its shareholders.
The Company is responsible for the design, construction, financing, operation and maintenance of 12.8km of at-grade, on-street light rail metro, including rolling stock, as well as 25 stations running from north to south within the City of Zaragoza. The Project is fully integrated with other public transport systems in the City of Zaragoza, offering a dynamic traffic-light priority system that allows light rail to run without the need to stop at junctions throughout the city.
“This transaction continues Rubicon’s leading presence in the Spanish transportation sector, working with sponsors to divest their assets and offer investors the best investment opportunities with superior growth and diversification potential,” noted Rubicon Managing Director, Carmen Lopez. “We were delighted to further build on our relationships with Ibercaja and Concessia with the completion of this successful transaction and to further our commitment to the Spanish market.”
Agustin Lalaguna, Managing Director of Investments at Ibercaja Banco stated, “We were pleased to work with Rubicon strategically to leverage their diverse investor network and Spanish market-related expertise in successfully closing this transaction.”
This transaction marks the successful sale or refinancing of 40 individual infrastructure projects by Rubicon in Spain over the last four years with a combined enterprise value of €11 billion. This proven track record has led to Rubicon being ranked #1 Advisor in Spain for number of deals closed across all sectors by MergerMarket for the 3-year period between 2016-2018.
About Ibercaja Banco, S.A.
Ibercaja Banco is the eighth largest banking group in Spain and we always aim to offer excellent solutions to the financial needs of our three million clients. Our professionalism, closeness and social and regional commitment are just some of the features that distinguish us. For more than 140 years, Ibercaja has remained committed to providing top quality financial services to individuals, institutions, freelancers and SMEs through more than 1,200 branches around the country and our highly professional team, comprised of more than 5,500 employees, or 24 hours a day at ‘Ibercaja Directo’.For additional information please visit https://www.ibercaja.com/en/.
About Concessia
Concessia, an investment company mainly owned by an important group of Spanish financial organizations, is an alternative route in terms of concessions parties’ strategy, enabling its parties and shareholders to improve their profitability at a lower risk compared to the current model of direct investment. Concessia is currently managed by A3I, a company specialised in the management and comprehensive technical advice of Public-Private Partnership (PPP) projects. Additional information can be found at http://www.concessia.com/en/Home and www.a3i-infra.com.
About Rubicon Infrastructure Advisors
Rubicon is one of the world’s leading investment banking firms focused solely on the infrastructure, energy & utilities sectors. With offices in Europe and the Americas, along with further expansion plans in 2019 to open an office in Sydney, the firm has a truly global reach. Since inception in 2011, Rubicon has closed on the sale, acquisition or refinancing of approximately 100 essential infrastructure, energy & utilities assets located across Europe, North America, Latin America and Asia with a combined enterprise value in excess of USD $40 billion. The firm is regulated by the Central Bank of Ireland. Learn more about the firm at: www.rubiconinfra.com and by following Rubicon Infrastructure Advisors on LinkedIn.
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E: tom.weirich@rubiconinfra.com