Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has reached financial close on a deal which will see it provide financing for the acquisition of a fibre-to-the-home network, expected to become the first independent wholesale bitstream operator in Spain.
The network, which includes c. 940,000 building units in five highly populated metropolitan areas, has been acquired by Macquarie Capital and Aberdeen Standard Investments from MasMovil, Spain’s fourth largest telecoms operator.
By providing internet providers with a readymade fibre optic network to run their services through, the company is expected to open up Spain’s fibre optic market – one of the most mature in Europe – and stimulate market competition amongst retailers.
Aviva Investors was the only institutional lender in the club loan facility on the deal as it continues to build-out its European telecom investments through its Real Assets platform.
Darryl Murphy, Head of Infrastructure Debt at Aviva Investors, said:
“This deal represents a significant opportunity to open up and develop the broadband market in Spain. The network we are financing should result in more competition amongst broadband providers in the region, giving customers greater choice and better pricing, whilst also allowing us to capture long-term returns for our clients.”
Florent del Picchia, Head of European Infrastructure Debt at Aviva Investors, said:
“We are pleased to close this deal for our client. Telecom related infrastructure represents an increasingly attractive market for our clients who are looking for long-term stable investments in a growing marketplace.”
Infrastructure debt is a key part of Aviva Investors’ £45 billion Real Assets platform1. Darryl Murphy leads a team of 25 professionals based in London, Paris and Toronto, managing over £8.8 billion of assets globally. Aviva Investors is a leading pan-European infrastructure lender, having been recognised as ‘European Alternative Lender of the Year’ in 20182.
1. Source: Aviva investors as at 30 June 2019
2. IJGlobal Awards 2018