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Infrastructure investor Globalvia secures USS commitment as PGGM, OPTrust cement backing

11 Dec 2013

Infrastructure investment firm Globalvia has confirmed an additional commitment of €150m to a convertible loan instrument from UK pension fund manager USS.

This follows the agreement signed two years ago with the pension funds providers PGGM and OPTrust, giving the firm a capital base of €750m.

PGGM and OPTrust have also agreed to commit to provide €100m each, in addition to the €400m initially committed to in 2011.

Globalvia is owned by the global infrastructure group FCC and Bankia, formerly Caja Madrid. In 2011 the firm formed a subsidiary, Globalvia Inversiones, and transferred to it selected road and rail concessions with the participation of the pension funds through a mandatory convertible instrument.

The main objective for performing this transaction is to allow Globalvia to continue growing primarily through the addition of new brownfield concession projects to its portfolio, the firm said. The firm is focused on managing road and railway concessions and is seeking to expand in OECD countries.

Juan Bejar Ochoa, CEO of Globalvia, said, “This agreement with USS completes the process that began two years ago with OPTrust and PGGM. It validates Globalvia’s business project and shows confidence in our growth strategy.”

USS, PGGM and OPTrust are managing and investing on behalf of international pension funds with a long-term investment philosophy. “Pension funds are ideal partners for the infrastructure business because of their long term strategy”, added Bejar.

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