Spanish infra developer Ferrovial acquires $800 million stake from GIC in IRB Infrastructure Trust

Cintra, a unit of Spanish infrastructure developer Ferrovial, has agreed to buy a 24 percent stake in IRB Infrastructure Trust from GIC, along with a similar stake in MMK Toll Road Pvt Ltd, the investment manager of the trust, IRB, said on March 14.

The secondary stake purchase is worth almost $800 million, sources told Moneycontrol.

The acquisition is subjected to fulfilment of conditions and requisite regulatory and a third-party approvals, the IRB statement said.

An infrastructure investment trust (InvIT), IRB operates road assets.

GIC first invested in the IRB Infrastructure Trust in August 2019 when it wrote a cheque of Rs 4,400 crore for a portfolio of nine toll roads.

This is the second investment by Ferrovial in the IRB group. In 2021, it acquired a 24.86 percent stake in the listed flagship of the group — IRB Infrastructure Developers — for 369 million euro.

IRB and GIC share the vision of delivering high-quality sustainable infrastructure projects, Cintra CEO Andres Sacristan said. “This investment in the trust complements and aligns better our relationship. We’ll keep leveraging our complementary strengths and expertise to capture further value from the growth that IRB is having, while we keep collaborating with each of GIC and IRB, respectively, in making the most of the pipeline ahead,” he said.