RiverRock acquires Exterimmo and strengthens its presence in the PPP sector in France
RiverRock, an alternative asset management firm which invests in private markets and real assets in Europe, announces the signing of an agreement to acquire Exterimmo from Caisse des Dépôts et Consignations (“CDC”). The acquisition will be done through RiverRock Brownfield Infrastructure I (“RBIF1”).
Exterimmo holds 12 projects or participations structured as Public-Private Partnership or Public Service Delegation in France.
The portfolio includes the Paris Zoo, energy performance and renovation contracts in schools and university buildings and aquatic centres.
This sale by the CDC is part of its strategy of rotation and resources renewal, which aims to transfer the projects to a recognized player, after successful completion and development. Resources can be then redirected to priority projects that can benefit from CDC’s full support.
Launched in September 2018, RBIF1 is a fund specializing in the investment and management of participations in small and medium-sized PPP-type projects located in the euro area.
To date, RBIF1 has completed two transactions in Spain where it holds a portfolio of police stations in Catalonia, as well as a stake in the regional hospital of Vigo. After the closing of
the Transaction, it will be the third transaction for the fund and the first in France.
For Emilie Rouchon and Olivier Sueur, portfolio managers of the fund: “We are delighted to acquire this high-quality portfolio. We were particularly attracted by the number and diversity of the projects as well as the quality of the stakeholders, both from the public and the industrial side.
Our ambition is not only to keep adhering to Exterimmo’s commitments to existing projects but also to strengthen its position as a reference player in small and medium-sized PPPs on the French market and particularly in the energy transition sector. RiverRock is proud to have been selected and retained as a partner by the CDC.”
The conclusion of the transaction is subject to the usual approvals and conditions precedent.
RiverRock has been advised by Taylor Wessing (Legal), H3P (Financial) and Hogan Lovells
– Luxembourg (Tax Structuring).
Caisse des Dépôts et Consignations has been advised by Ernst & Young (Financial Advisor) and Allen & Overy (Legal).
About RiverRock www.riverrock.eu
RiverRock European Capital Partners LLP is an alternative asset management firm which invests in private markets and real assets. It is headquartered in London and with offices in Paris, Milan and Madrid.
RBIF1 is a closed-end fund which is domiciled in Luxembourg, managed by RiverRock and regulated by the Commission de Surveillance du Secteur Financier (“CSSF”). RBIF1 invests in core European Infrastructure equity and focuses on operating PPP assets, primarily those with availability-based revenues. The geographic focus is Euro-denominated Western Europe.
The fund is still open to new commitments, please contact [email protected] for more information
RiverRock is authorised and regulated by the Financial Conduct Authority in the UK.