Investment Managers-Real Assets has taken a 42% stake in a French motorway in a joint venture with Cr茅dit Agricole Assurances 鈥� its debut direct infrastructure deal.
The investment manager said it was acting for AXA Germany and AXA France in the deal 鈥� the first direct infrastructure transaction for AXA IM-Real Assets.
The stake in Atlandes, the concession-holder of the A63 motorway in southwest France, was sold by InfraRed Capital Partners鈥� Infrastructure Fund III.
Ruulke Bagijn, who left PGGM to become global head of real asset private equity at AXA IM-Real Assets, said the A63 was a successful and well-managed motorway showing the 鈥渋mportance and positive impact鈥� of attracting private investment into major infrastructure projects.
鈥淲e are very pleased,鈥� he said, 鈥渢o be working in coordination with our new partner Cr茅dit Agricole Assurances. Our combined experience and strategic approach will lead to the asset鈥檚 further prosperity and continued operational success.鈥�
The remaining 58% of Atlandes is held by a consortium of industrial partners and financial investors.
Mark Gilligan AXA IM-Real Assets as head of infrastructure equity.
