Macquaire fund buys Mexican PPP operator

Macquarie’s Mexican Infrastructure Fund (MMIF) has acquired the state road concessionaire Decarred.

The US$125m deal is MMIF’s first acqusition since its launch in December 2009.

Decarred has a 20-year contract granted by the State of Durango to upgrade and maintain 10 existing toll-free highway stretches, totaling approximately 320km.

Under the contract, Decarred receives monthly availability payments from the State of Durango.

"The Decarred roads project displays all of the characteristics we look for in infrastructure assets," said Jonathan Davis Arzac, Executive Chairman of MMIF.

"Decarred has a fully contracted revenue stream and is expected to generate predictable cash flows over the long term. We also look forward to building a collaborative relationship with the State of Durango through our oversight of this important asset in the region."

MMIF launched in December 2009 with over US$420m from Mexican pension funds, Mexico’s National Infrastructure Fund and Macquarie.