Interest from eight investment schemes for Attiki Odos

Eight interested parties submitted Expressions of Interest for the new service contract regarding the financing, operation, maintenance and operation of Attiki Odos, one of the most important road infrastructures in the country, for 25 years. It is recalled that the existing contract expires in October 2024.

In particular, as announced by the HRDH, the following expressed interest (in alphabetical order):

– ABERTIS INFRAESTRUCTURAS SA

– GRUPPO FININC – INC SpA

– Association of persons consisting of the companies “GEK TERNA SA.” and “FS ARK HOLDCO Sarl”

– Association of persons “VINCI HIGHWAYS SAS – VINCI CONCESSIONS SAS – MYTILINEOS SA – MOBILITY PARTNER SAS”

– Association of persons “AKTOR CONCESSIONS SA – AVAX SA – ADRIAN INFRASTRUCTURE”

– Consortium consisting of the companies “BRISA – AUTO ESTRADAS de PORTUGAL SA” and “RUBICONE BIDCO SA”

– Consortium consisting of the companies “MACQUARIE ASSET MANAGEMENT MOTORWAY HOLDINGS S.AR.L.” and “FINCOP INFRASTRUCTURE LTD”

– Consortium consisting of the companies “VAUBAN” – “DIF” – “EGIS”

The Fund’s utilization consultants, after evaluating the submitted expression of interest files, will submit their proposal to the HRDH Board of Directors regarding the candidates who meet the criteria for participation in the B phase of the competition (binding offers phase).

Attiki Odos is a modern highway about 70 km long, built in the 1990s with the method of concession. It is the ring road of the wider metropolitan area of ​​Athens and part of the backbone of the road network of the Prefecture of Attica. It is a suburban road network and highway, with two or three lanes of traffic and one lane of emergency (LEA), in each direction. In some sections in the middle of the highway, in a specially designed area, the suburban railway operates, which is not part of the concession contract of Attiki Odos.

Furthermore, the Attiki Odos highway is the connecting link of the PATHE road axis (Patra – Athens – Thessaloniki – Evzoni), since it connects the Athens – Lamia National Road with the Athens – Corinth National Road, bypassing the center of Athens. The highway has controlled accesses and consists of two vertical, intersecting sections, the Free Avenue Elefsina – Stavros – Spata, approximately 52 km long, and the Western Peripheral Avenue Ymittou, approximately 13 km. of the Western Peripheral Avenue Egaleo, approximately 5 km long.

As already mentioned by Capital.gr, the submission of financial bids is expected at the beginning of the new year, while in the coming months many issues are expected to be clarified, such as whether the concession contract will include extensions of the highway. Also, what will be the participation of the State (as a percentage) in the gross profits of the highway, as is the case with the other concessions, etc.

As for the main factor that will determine the amount of the price for the concession of Attiki Odos, is the cost of money in the period during which the financial bids will be submitted.

This means that estimates that the price may exceed 2.5 billion euros, given the current course of the highway in terms of revenue and traffic, but also the future prospects, should not be taken for granted as this will be determined by the level of interest rates, the level of inflation, etc.

Who are the eight contenders?

THE Abertis is a leading international operator in the development and management of high capacity and quality roads, with approximately 8,000 km in 16 countries in Europe, America and Asia. It is the first national operator of toll roads in countries such as Spain, Chile and Brazil, and also has a significant presence in France and Italy. In 2021, Abertis had 13,200 employees.

THE Ardian is a leading international private equity firm with a total capital of $ 125 billion, to manage or provide consulting services in Europe, America and Asia. Ardian Infrastructure is a leader in key infrastructure with $ 20 billion in assets under management, and is the second largest owner of toll highways in the world.

O AVAX Group is one of the largest construction groups in Greece, with activities in the sectors of Construction, Concessions and Energy. The Group maintains an active position in 18 fully operating concessions, while operating in more than 15 countries (Europe, Africa, Middle East).

THE ELLAKTOR Group is one of the largest infrastructure groups in Greece and one of the leading in Southeastern Europe, with an international presence and a diversified portfolio of activities focusing on construction, concessions, environment, renewable energy and real estate development. The Group operates in 22 countries worldwide and employs approximately 7,500 employees.

THE Brisa is the largest private motorway operator in Portugal and is distinguished both nationally and internationally. Brisa manages 1,628 km of motorway concessions and employs more than 2,844 people.

THE Rubicone BidCoSA is the majority shareholder of Brisa (81% stake) – is an investment vehicle wholly owned (directly and indirectly) by a partnership of international investors (APG Asset Management NV, National Pension Service of the Republic of Korea and Swiss Life Asset Managers) .

THE Kopelouzos Group holds a leading role in the Greek market and consists of companies operating in various business sectors in Greece and internationally. The main areas of activity of the Group are the production and marketing of electricity, including renewable energy sources, participation in infrastructure and concession projects, real estate, facility management, advertising centers, exhibition and conference centers, as well as project management. Fincop Infrastructure Ltd is an investment vehicle of the Kopelouzos Group

THE Macquarie, through Macquarie Asset Management (MAM), is a world leader in the creation and management of specialized funds focusing on infrastructure, renewable energy, real estate, agriculture, private credit and transport finance. Macquarie Asset Management (MAM) manages 39 infrastructure and real estate companies in the EMEA region, representing over £ 53 billion in assets under management.

THE DIF Capital Partners holds a global position as an independent investment manager, with approximately € 10 billion in managed capital invested through nine closed-end infrastructure investment funds and various co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas and Australia.

THE Egis is an international company that is active in the provision of consulting services, as well as in the fields of construction and transport. Egis operates 47 highways on five continents, with a total length of 4,500 km. It operates in 120 countries and employs more than 16,200 people.

THE Vauban is a leading investment fund manager specializing in infrastructure investments in Europe and is an affiliate of Natixis Investment Managers. Vauban manages assets of around € 6.5 billion. It has also made over 65 investments across Europe in energy-related transport services, as well as social and digital infrastructure projects in 11 different countries.

Club GEK TERNA is one of the largest Greek business groups with activities in the sectors of infrastructure, clean energy, energy production and marketing, concessions and real estate development, while also operating in the fields of waste management and facility management. The Group has a presence in 16 countries, where it employs approximately 3,500 employees.

THE Igneo (formerly First Sentier Investors) is one of the largest direct infrastructure investors in the world having made 60 acquisitions since 1994. It manages a portfolio of 24 medium-sized infrastructure companies in the United Kingdom, Europe, North America, Australia and New Zealand. , and owns $ 14.8 billion in assets. FS Ark Holdco is an investment vehicle of Igneo (based in Luxembourg).