Luxembourg, 21/07/2020 – The Marguerite Fund has agreed to sell to HICL its 50% interest in the M17/M18 Gort to Tuam Road PPP in the Republic of Ireland.
The Marguerite Fund (“Marguerite I”) has agreed to sell its 50% interest in the M17/M18 motorway project in Ireland to HICL Infrastructure plc (“HICL”), the London-listed infrastructure investment company managed by InfraRed Capital Partners. The transaction is expected to complete by the end of September.
In April 2014, the Marguerite I achieved financial close on the M17/M18 Gort to Tuam PPP scheme in which it had taken a 50% stake, alongside John Sisk and Son (Holdings) Limited, Lagan Projects Investments Limited, Roadbridge, Strabag SE, and HICL.
With the acquisition of the remaining 50% from Marguerite I, HICL will become sole owner of the project after having acquired an additional 40% participation in the project from the industrial shareholders in 2019.
The 28-year road PPP project involves the design, financing, construction and maintaining of a new 57km dual carriageway section of the M17/M18 between Gort and Tuam in County Galway on the west coast of Ireland. Construction works were completed in December 2017 by a joint venture comprising John Sisk and Son (Holdings) Limited, Lagan Construction Group Limited, Roadbridge and Strabag AG. The routine maintenance of the road is carried out by a joint venture of Lagan Operations and Maintenance Limited and A-Way Infrastructure Project Development and Operations GmbH (Strabag).
Michael Dedieu, Managing Partner at Marguerite, commented, “We are delighted to have supported the M17/M18 PPP motorway since the procurement stage and through financing, design, construction and delivery. In partnership with our co-shareholders, our involvement has contributed to delivering a key infrastructure improving transport links in the West of Ireland and boosting the local economy. This project successfully demonstrates our strategy of working alongside industrial partners and actively managing high quality infrastructure assets to deliver attractive returns to our investors”.