Swiss Life Asset Managers agrees to acquire a stake in Spanish toll road operator Itínere Infraestructuras from APG

Swiss Life Asset Managers, on behalf of “Swiss Life Funds (LUX) Global Infrastructure Opportunities IV SCSp, SICAV-RAIF” (GIO IV), has entered into a binding agreement with APG to invest in Itínere Infraestructuras. This marks the funds’ first investment and is backed by Itínere Infraestructuras’ track record and significant role in Spain’s transportation infrastructure.   

Itínere Infraestructuras is a leading Spanish infrastructure management company. It operates five toll roads across Northern Spain, covering approximately 470 kilometres. Additionally, Itínere holds the concession agreement for managing the operation, maintenance, and conservation of another 54.8 kilometres toll road in the same region. Known for its innovative use of technology, Itínere ensures that its toll roads not only enhance user safety but also improve driving comfort through clear signage and optimised traffic management. 

Gabriele Damiani, Head Core/Core+ Infrastructure International at Swiss Life Asset Managers, commented: “This investment not only marks a significant milestone for the GIO IV fund, it also confirms our commitment to high-quality infrastructure assets that provide stable, long-term returns for investors. The investment underscores the fund’s strategy of supporting infrastructure projects that deliver essential services which are fundamental to economic growth, public safety and overall quality of life. It also reflects the confidence in the Spanish infrastructure market and highlights its dedication to promoting sustainable growth and development”.  

The fund managed by Swiss Life Asset Managers seeks to deliver attractive returns and dividend yields for qualified and professional investors by investing in asset-heavy companies within future-proof sectors such as transportation, renewable energy, utilities and digital infrastructure. These companies are selected for their mature cash flows with limited volatility and calculated growth potential.  

GIO IV priorities control positions to maximise value creation and invests in OECD markets, focusing primarily on Europe and North America, to build diversified portfolio of core and core+ infrastructure assets.  

The fund is open to qualified and professional investors and targets a total size of EUR 2.5 billion, with the first closing anticipated in the first quarter of 2025. 

Jefferies has acted as sole financial advisor in this transaction, whilst Freshfields Bruckhaus Deringer and Garrigues have acted as legal advisors to respectively each of APG and Swiss Life Asset Managers.

About APG 
As the largest pension services provider in the Netherlands APG looks after the pensions of 4.6 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €577 billion (June 2024) in pension assets. With approximately 4,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, and Singapore. www.apg.nl 

About Swiss Life Asset Managers Infrastructure Equity
Established in 2011, the Swiss Life Asset Managers Infrastructure Equity platform manages over EUR 10bn in Assets under Management for its clients and partners. The team consists of 65 investment specialists with an average of 20 years industry experience across the senior level members. The platform has made 75 infrastructure investments in private markets, across 15 solutions, in both direct and indirect opportunities across the energy, communications, transportation, regulated utilities, social infrastructure and renewable energy sectors.

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