Global toll road operator Aleatica completes the acquisition of Brebemi

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Aleatica S.A.U. (“Aleatica”), an IFM Global Infrastructure Fund (IFM GIF) portfolio company, today completed the process to acquire the controlling equity interests associated with Società di Progetto Brebemi S.p.A. (“Brebemi”) from Intesa SanPaolo (“ISP”).

The conclusion of this transaction follows the approvals and consents from the relevant regulatory and government authorities, including the golden power clearance by the Prime Minister’s Office.

This acquisition marks Aleatica’s entry into the Italian market, building on the company’s track record of successfully developing and operating transportation infrastructure assets in Europe and Latin America. As such, it expands Aleatica’s global portfolio to six countries and 20 concessions (15 toll roads), consolidating its position in the global infrastructure market as a preferred provider of sustainable transport solutions

This transaction also represents the first investment in the country for the IFM Global Infrastructure Fund, which is advised by IFM Investors. Owned by 27 Australian pension funds and one of the largest infrastructure investors in the world, IFM Investors takes a long-term view of its investments and manages a global portfolio of assets across Europe, the Americas and Australia.

Brebemi operates A-35, a 62km toll road that started operations in 2014. It connects Milan and Brescia, in the Lombardy region of Italy, one of the most economically prominent and most industrialized regions in Europe. Brebemi operates under a long-term concession agreement, which expires in 2040.

The acquisition of Brebemi reflects Aleatica and IFM GIF’s strategy to make long-term investments in toll roads, an asset class in which both companies have a proven track record as investors and operators, respectively.


Barabino & Partners

Federico Steiner | | +39 335 424278

Sabrina Ragone |  | +39 338 2519534


Itzel Meyenberg |

+ 52 55 6960 0044

Bosco Marti|

+ 52 55 6967 0495

Juan Rivera |

+34 639776199


About Aleatica

Aleatica is a leading global operator and developer of transportation assets headquartered in Madrid with annual revenues of c. €570m and 2,200 employees worldwide.

With this new investment, the company currently manages 20  concessions – 15 highways, 3 ports, 1 light railway line and 1 airport (5 of which are currently under construction) across six countries in Europe and Latin America: Spain, Italy, Mexico, Colombia, Peru and Chile.

Aleatica is wholly owned by IFM Global Infrastructure Fund, which is advised by IFM Investors (“IFM”). Established more than 20 years ago and owned by 27 major pension funds, IFM Investors’ purpose is to protect and grow the retirement savings of working people and its interests are deeply aligned with those of its investors. IFM is one of the largest infrastructure investors in the world, managing a global portfolio of infrastructure assets worth over US$45 billion. In the toll-roads sector, IFM manages c.1,350 km of roads in Australia, North America, South America, and Europe.

About Brebemi

Brebemi operates the 62-km A35 toll road, which connects Brescia and Milan from the A58 outer ring-road of Milan (western side) to the A4 motorway in Brescia (eastern side), servicing one of the most economically prominent and industrialized areas of Italy.

The Brebemi corridor provides access to Linate Airport from the east and a number of distribution and logistics centres between Milan and Brescia (>900,000 sq. m. of warehousing in operations or construction for Amazon, LVMH, DHL, Esselunga, YNAP among others).

The concession was signed in 2007 and works started in 2009, reaching completion in 2014, when the A35 toll road opened. The interconnection A35-A4 was then completed in 2017 granting Brebemi a significant enhancement in terms of connectivity with the rest of the network.

Brebemi operates under long-term concession agreement, which expires in 2040.