HICL Infrastructure Company buys stake in French motorway for €87m

HICL Infrastructure Company has bought a stake in a toll motorway project in the south of France for €87m.

The FTSE 250 investment firm has completed the acquisition of 13.8% stake in the A63 motorway project, which is Salles and Saint-Geours-de-Maremne, from French railroad company ColasSud Ouest and construction company Spie Batignolles.

The project is a 40-year toll-road concession to design, build, finance, operate and maintain an upgraded 104km section of the A63 motorway in southwest France.

Phase one was completed in April 2013, five months ahead of plan, while phase two was completed in November 2013, seven months ahead of schedule. Its senior debt was refinanced with long-term debt in June 2015.

HICL previously said that it plans to raise further equity during the first quarter of 2017, in order to fund further investments.