Over the last five years, Spain has aligned itself with the biggest infrastructure markets in the world - becoming a leader in infrastructure M&A on a global scale. Spanish infrastructure deals have contributed over 20% of the total €320bn deal value for the European infrastructure market since 2014 (ie €67bn in just five years). In addition to the volume of infrastructure projects, there is also an extremely diverse infrastructure investor base in Spain, which includes close-ended infrastructure funds such as Antin, GIP and Macquarie, open-ended infrastructure groups such as IFM and JP Morgan, alongside pension funds, insurance companies, corporates, private equity and family offices.
These factors mean that the activity does not appear to be slowing down, corroborated by the fact that 2018 was a record-breaking year for Spanish infrastructure with a total deal value of €35bn across 25 transactions. There are several driving factors for Spain’s importance to the European infra market, including:
- The appeal of Spanish infrastructure groups on the global stage
- Government subsidiaries driving international renewable deal activity
- Gas continuing to attract investors
- Transport as a key sector for European investments
DC Advisory’s global infrastructure team explores >