RREEF buys Spanish highway for €400m

The Deutsche Bank-sponsored fund has acquired an 80% stake in Autovia del Camino from Global Via, Caja Navarra and NEC.

RREEF, a Deutsche Bank investment vehicle, has acquired the majority of the capital of Autovia del Camino, a highway in the north of Spain.

Sources close to the deal indicated the transaction had an enterprise value of some €400 million, with RREEF acquiring an 80 percent stake in the highway.

The sellers were Spanish developer Global Via, local savings bank Caja Navarra and construction company NEC. Global Via sold a 30.9 percent stake in the highway with Caja Navarra divesting a holding of 37.1 percent. Both are retaining a 10 percent stake in the road. NEC sold its entire 12 percent stake in the road.

Autovia del Camino links Pamplona, which borders France, and Burgos, also in the north of Spain, over 72 kilometres. It has been in operation since 2002 and has a concession period of 30 years.

The highway is structured as a shadow toll, with the Spanish authorities paying a certain amount to the concessionaire based on the road's traffic, freeing users from paying tolls directly.