Deal Announcement

Resolüt advises GIC Singapore on its ~USD 800 million sale of 24% in IRB InvIT to Cintra, Ferrovial Group

Relevant Research​

We are delighted to announce that we advised affiliates of GIC Singapore on their secondary sale of 24% of the units of the IRB Infrastructure Trust (IRB InvIT) to Cintra, a subsidiary of Ferrovial. Cintra, is also purchasing a 24% stake in MMK Toll Road Private Limited which is the Investment Manager of the IRB InvIT. The cumulative deal value is ~USD 800 million, including investments into outstanding equity commitments for under-construction projects or under financial closure. Completion of the sale is subject to fulfilment of conditions precedent, including receipt of requisite regulatory and third-party approvals.

IRB InvIT has a distinct ability to leverage synergies among the leading Indian transport infrastructure developer, a global financial investor, and a global strategic partner to optimize project planning and selection processes, ensuring maximum impact and value creation.

GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing, and are uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. GIC’s long-term approach, multi-asset capabilities, and global connectivity enable them to be an investor of choice. They seek to add meaningful value to their investments. Headquartered in Singapore, GIC has a global talent force of over 2,100 people in 11 key financial cities and has investments in over 40 countries.

IRB Infrastructure Trust is an Infrastructure Investment Trust registered with SEBI and listed on NSE. IRB Infrastructure Developers Limited, the sponsor of the Trust, owns ~51% of units in the Trust while balance ~49% are currently held by affiliates of GIC. The Trust holds a portfolio of 15 road projects, spanning across 10,567 lane kms.

Ferrovial is a leading global infrastructure operator, committed to developing sustainable solutions. The company operates in more than 15 countries and has a workforce of over 24,000 professionals worldwide. Cintra is a subsidiary of Ferrovial and one of the leading companies in the private development of toll roads throughout the world, by number of projects and by volume of investment.

For media related queries, please write to Drishya Kumar (drishya.kumar@resolutpartners.com)

Deal Team

Devarshi Paul

Shivam Yadav

Shreyas Bhushan

Ruchir Sinha

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Mobile Responsive

We are delighted to announce that we advised affiliates of GIC Singapore on their secondary sale of 24% of the units of the IRB Infrastructure Trust (IRB InvIT) to Cintra, a subsidiary of Ferrovial. Cintra, is also purchasing a 24% stake in MMK Toll Road Private Limited which is the Investment Manager of the IRB InvIT. The cumulative deal value is ~USD 800 million, including investments into outstanding equity commitments for under-construction projects or under financial closure. Completion of the sale is subject to fulfilment of conditions precedent, including receipt of requisite regulatory and third-party approvals.

IRB InvIT has a distinct ability to leverage synergies among the leading Indian transport infrastructure developer, a global financial investor, and a global strategic partner to optimize project planning and selection processes, ensuring maximum impact and value creation.

GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing, and are uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. GIC’s long-term approach, multi-asset capabilities, and global connectivity enable them to be an investor of choice. They seek to add meaningful value to their investments. Headquartered in Singapore, GIC has a global talent force of over 2,100 people in 11 key financial cities and has investments in over 40 countries.

IRB Infrastructure Trust is an Infrastructure Investment Trust registered with SEBI and listed on NSE. IRB Infrastructure Developers Limited, the sponsor of the Trust, owns ~51% of units in the Trust while balance ~49% are currently held by affiliates of GIC. The Trust holds a portfolio of 15 road projects, spanning across 10,567 lane kms.

Ferrovial is a leading global infrastructure operator, committed to developing sustainable solutions. The company operates in more than 15 countries and has a workforce of over 24,000 professionals worldwide. Cintra is a subsidiary of Ferrovial and one of the leading companies in the private development of toll roads throughout the world, by number of projects and by volume of investment.

For media related queries, please write to Drishya Kumar (drishya.kumar@resolutpartners.com)

Deal Team

Devarshi Paul

Shivam Yadav

Shreyas Bhushan

Ruchir Sinha

Relevant Research

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