APRR

Nature of the asset

The APRR motorway network is located in the heart of Western Europe and serves major business centres, including the Paris-Lyon corridor that links France’s two largest metropolitan areas, as well as Northern Europe (the UK, Benelux and Germany), Switzerland and Southern Europe, including Italy and the Iberian peninsula via the Rhône Valley or the Massif Central mountain range. The network also serves as a gateway to Central and Eastern Europe.

It is the fourth largest tolled motorway network in Europe and consists of 2,234 km of operating motorway, with only 44km to be constructed and opened by 2012.

Nature of the investment

APRR was formerly a fully French State owned business. In November 2004 the French State part privatised 29.8% of APRR via a listing on Euronext Paris and in June 2005 the French State announced its intention to sell its remaining 70.2% stake in APRR, as well as its stakes in ASF and SANEF.

In December 2005 the consortium comprising Eiffage SA, MIG and Macquarie European Infrastructure Fund (Eiffarie) was selected by the French Government as the preferred bidder for APRR. In February 2006 the consortium reached financial close on its investment of 74.7% of APRR, including 70.2% acquired from the French Government and 4.5% previously held by Eiffage.

In April 2006 Eiffarie closed its standing offer for the remaining 25.3% of shareholders in APRR. The consortium now holds 81.48% of APRR. MIG has an effective interest of 20.37% in APRR.

Length

2,234 kilometres operating and 44 kilometres to be constructed and opened by 2012

Number of lanes

Number of lanes varies across network

Tolls

From 1 April 2009:

Cars: €5.79c per kilometre excluding VAT (APRR) and €7.83.7c per kilometre excluding VAT (AREA);

Trucks: multiple of car toll

Toll price escalation

Since 2009:

Cars: 70% CPI (ex Tobacco) until new Contrats D’Entreprise are agreed with the French State.

Toll collection

Cash, electronic and credit card

Concession end

December 2032