European infra investment JV launched

Spain’s COMSA has entered into a partnership with France’s Mirova to develop an infrastructure investment platform in Europe.

As part of the agreement, COMSA Concesiones has contributed a portfolio of PPP seed assets located in Spain to the newly created vehicle, Mircom Concesiones de Infraestructura (MirCom), which will serve as the first step towards the development of the investment platform.

Mirova and COMSA have also agreed on the terms of potential future collaborations in new greenfield transportation and social infrastructure PPPs in Spain and across other OECD countries.

The French fund will hold a controlling equity stake, while the Spanish firm will retain a significant minority position. The parties have agreed not to disclose the pricing or shareholding distribution at this time.

MirCom’s portfolio will be developed through potential “bolt-on” acquisitions of COMSA Concesiones’ remaining PPP assets.

Rubicon Infrastructure Advisors served as exclusive financial advisor to COMSA Concesiones.
“We are delighted to have represented COMSA Concesiones for a second time and in this instance helping them forge an innovative partnership with a sophisticated financial investor which will help to advance the competitive landscape for greenfield PPP assets in Europe and beyond,” explained Rubicon managing director Jesus Gonzalez.

Mirova is a subsidiary of Natixis Asset Management and COMSA Concesiones is a subsidiary of COMSA Corporación.