The - Real Assets and Cr茅dit Agricole Assurances joint venture has bought DIF鈥檚 9.2% stake in the A63 toll road in France.
DIF said its Infrastructure IV fund sold the indirect stake in Atlandes, the project company which holds the road concession project, to the joint venture for an undisclosed sum.
The project is a 40-year toll concession to design, build, finance, operate and maintain an upgraded 104km section of the A63 highway between Salles and Saint-Geours-de-Maremne, in southwest France. The project was commissioned in November 2013.
Andrew Freeman, head of exits at DIF, said: 鈥淭his is an opportune time for DIF IV to exit the project and evidences our strategy of proactively monitoring the portfolios of our mature funds and taking advantage, when appropriate, of strong demand for high-quality core infrastructure projects in mature markets.鈥�
In November 2016, AXA Investment Managers-Real Assets, acting on behalf of clients, took a 42% stake in the French motorway in a joint venture with Cr茅dit Agricole. The joint venture鈥檚 initial stake in Atlandes was sold by InfraRed Capital Partners鈥� Infrastructure Fund III.
