Aviva Investors, the global asset management business of Aviva plc (‘Aviva’) has today announced that it has signed an investment for €40m in a financing package for the Milan underground.
Aviva Investors has provided debt to the project alongside banks and other institutional investors. Aviva Investors is the largest institutional investor in the financing.
This represents the first issue of an Italian Project Bond – a product created by the Italian Government to allow international investments in Italian infrastructure.
The underground line, the fifth for Milan, will connect Bignami station, North of Milan, through the city centre to the San Siro stadium. Completion on construction is scheduled for October 2015.
Lorenzo Paolasini, Assistant Fund Manager – Infrastructure and Renewable Energy at Aviva Investors, said:
“This project showcases our commitment to infrastructure and fits well within our objectives to bring long term secure investment opportunities to the institutional market.
“This investment also brings further diversification to our European Infrastructure Debt Fund, which has invested in a variety of different sectors across Europe, including solar PV, transport, and utilities.”
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