Santamarina y Steta advises Caisse de dépôt et placement du Québec in the creation of a co-investment platform for infrastructure projects in Mexico together with a consortium of leading Mexican institutional investors
Santamarina y Steta helped Caisse de dépôt et placement du Québec (CDPQ) agree a joint venture with an infrastructure investment trust managed by CKD Infraestructura Mexico, S.A. de C.V., that recently completed a restricted public offering in the Mexican Stock Exchange (Bolsa Mexicana de Valores) of development trust certificates (certificados bursátiles fiduciarios de capital de desarrollo or CKDs). The CKDs are currently held by the leading Mexican pension fund managers (administradoras de fondos de ahorro para el retiro or AFOREs) Afore XXI Banorte, S.A. de C.V., Afore Sura, S.A. de C.V., Afore Banamex, S.A. de C.V. and Pensionissste (Fondo Nacional de Pensiones de los Trabajadores al Servicio del Estado), and the national infrastructure fund FONADIN (Fondo Nacional de Infraestructura).
The partnership represents the creation of a co-investment platform expected to invest up to $35 billion Pesos (approximately $2.1 billion US Dollars) in a wide array of infrastructure projects in Mexico over the next five years. The partnership also represents the sale by CDPQ, through the newly created co-investment platform, of 49% of its equity investment in ICA Operadora de Vias Terrestres, S.A.P.I. de C.V. closed on June earlier this year, and the joint venture of the co-investment vehicle with Empresas ICA, S.A.B. de C.V. ICA Operadora de Vias Terrestres, S.A.P.I. de C.V. currently holds four toll road concessions: the Mayab toll road, the Rio Verde – Ciudad Valles highway, the La Piedad Bypass and the Acapulco Tunnel, and is expected to continue growing with the acquisition of future assets.
In words of our client, CDPQ, this agreement provides “an ideal platform to participate in the expansion and the modernization of Mexico’s infrastructure.”