Ferrovial, through Cintra, has reached an agreement to sell 15% of Autopista del Sol (Ausol) in Málaga, Spain, to French infrastructure fund Meridiam for €110.8 million. The divestment of Ausol produced a capital gain of €473 million that was booked in 2019, with the result that there will be no accounting effect in the 2022 income statement. This deal is part of the company’s asset rotation strategy.

The sale is the result of Cintra exercising the put option it has held since selling 65% of the Ausol I and Ausol II toll roads to that French fund in 2019. This completes Ferrovial’s divestment of these assets, which were awarded in 1996 and 1999, respectively. Ausol I opened to traffic in 1999 and its concession expires in 2046; the Ausol II concession, which became operational in 2002, expires in 2054. Together they make up a 105-kilometer road linking Malaga and Guadiaro, in southern Spain.

Cintra, Ferrovial’s toll road division, is one of the leading developers and operators of transport infrastructure concessions. It currently manages 1,262 kilometers under 22 concessions in eight countries. It operates the following roads, among others: 407 ETR (Toronto), NTE and LBJ (Texas), I-77 (North Carolina), I-66 (Virginia), and Autema and A-66 (Spain). Those figures do not include assets owned by Indian company IRB, in which Cintra holds a stake.