Ardian Sells Key European Transportation Assets: LISEA and Madrid Ring Road Stake
Ardian has finalized the sale of two major European transportation assets: its stake in French high-speed rail operator LISEA and its share in a Madrid ring road concession.
Ardian sold its 26.24% stake in LISEA to Vinci Concessions and Meridiam, along with Caisse des Dépôts et Consignations, a French government-owned investor. LISEA operates the Tours-Bordeaux high-speed rail line and holds the concession for France’s Sud Europe Atlantique High-Speed Line until 2061. Since its start in 2017, LISEA has transported over 110 million passengers and reported revenues of €284 million ($299 million) in 2023, marking a 9% increase from the previous year. The Paris-Bordeaux route connects major European cities like London, Brussels, and Amsterdam.
In a separate move, Ardian has sold its 49% stake in Autopista Trados 45 to the Spanish motorway operator Abertis, which previously held a majority stake. Autopista manages a 14.5-kilometer section of Madrid’s M45 ring road, operational until 2029. Traffic on this road increased by over 50% since Ardian’s initial investment in 2011, now accommodating over 85,000 vehicles daily.
What were the key factors driving Ardian’s decision to sell its stakes in LISEA and Autopista Trados 45?
Interview with Laurent Fayollas, Deputy Head of Infrastructure at Ardian
News Directory 3: Thank you for joining us today, Laurent. Recently, Ardian finalized the sale of its stakes in two significant European transportation assets: LISEA and Autopista Trados 45. Can you tell us what motivated these transactions?
Laurent Fayollas: Thank you for having me. The decision to sell our stakes in LISEA and Autopista Trados 45 was part of our broader strategy to optimize our investment portfolio. Both assets have performed exceptionally well under our management, and we believe that now is the right time to realize value for our stakeholders. Moreover, these moves will allow us to focus on new opportunities as we adapt to the evolving infrastructure landscape.
News Directory 3: Let’s discuss LISEA specifically. You mentioned that it holds significant importance as the first private high-speed rail concession in France. What were some of the strategic initiatives that Ardian implemented during its ownership?
Laurent Fayollas: From the time we acquired our stake in 2009, we undertook several initiatives to enhance LISEA’s performance. A key achievement was orchestrating a €2.2 billion refinancing in 2018, which provided LISEA with a strong financial foundation. We also emphasized sustainability, working towards achieving carbon neutrality by 2028. The performance metrics are impressive; since our involvement, LISEA has transported over 110 million passengers and increased revenues significantly, showcasing its potential for growth as the French rail market opens to new operators.
News Directory 3: The Tours-Bordeaux high-speed rail line has connected major European cities. How do you see the future of high-speed rail in Europe evolving?
Laurent Fayollas: The future of high-speed rail in Europe is incredibly promising. With growing environmental concerns and the increasing need for efficient transportation, high-speed rail provides a sustainable option that reduces travel times significantly. As markets liberalize, we expect to see increased competition, which will likely drive innovation and improve services for passengers while also bolstering connectivity between major urban centers across the continent.
News Directory 3: Transitioning to Autopista Trados 45, you’ve mentioned that traffic on the M45 ring road increased significantly since your investment. How did Ardian contribute to the growth of this asset?
Laurent Fayollas: Our investment in Autopista Trados 45 allowed us to support infrastructure improvements and enhance operational efficiencies. The ring road now accommodates over 85,000 vehicles daily, showing a remarkable increase of over 50% in traffic since we came on board. By working closely with Abertis, we focused on maintaining high safety standards and optimizing traffic flow to improve the overall user experience.
News Directory 3: With the completion of these sales, what’s next for Ardian in the infrastructure sector?
Laurent Fayollas: We remain committed to pursuing new opportunities in the infrastructure space, particularly where we see strong growth potential and positive societal impacts. Our focus will be on sectors that align with our sustainability goals and contribute to the green transition, such as renewable energy and smart transportation solutions. The infrastructure landscape continues to evolve, and we are excited about what lies ahead.
News Directory 3: Thank you, Laurent, for sharing your insights on Ardian’s recent transactions and the future of transportation in Europe.
Laurent Fayollas: Thank you for having me. It’s been a pleasure discussing these important topics.
Laurent Fayollas, deputy head of infrastructure at Ardian, noted LISEA as a significant project valued at €7.7 billion ($8.1 billion). It was notable for being France’s first private high-speed rail concession. LISEA is well-placed for growth as France opens its rail market to new operators.
These sales mark the end of Ardian’s long-term investment in both assets. Ardian acquired its LISEA stake in 2009 and its Trados position in 2011. The firm supported various strategic initiatives during its ownership, including LISEA’s €2.2 billion ($2.3 billion) refinancing in 2018 and environmental efforts aiming for carbon neutrality by 2028.