Fomento de Construcciones y Contratas SA : Globalvia completes a capital raising process with the entry of a third international pension fund provider

Globalvia has successfully completed a capital raising process to meet the requirements of its current portfolio and to facilitate future investments with the addition of a commitment of 150m Euro to a convertible instrument from USS. This follows the agreement signed two years ago with the pension funds providers PGGM (Netherlands) and OPTrust (Canada) resulting in Globalvia achieving its strategic target of raising 750 million Euros.

Besides USS committing 150 million Euros, PGGM and OPTrust have signed an agreement by which they commit to provide 100 million Euros each, in addition to the 400 million Euros initially committed to in 2011. The agreement signed today remains subject to antitrust clearance in respect to the adherence of USS.

In 2011 Globalvia formed a subsidiary (Globalvia Inversiones) and transferred to it selected road and rail concessions (*), with the participation of the pension funds through a mandatory convertible instrument.

The main objective for performing this transaction is to allow Globalvia to continue growing primarily through the addition of new brownfield concession projects to its portfolio. In this way Globalvia can continue establishing itself as a leading infrastructure player, improving the quality of its portfolio and moving to the next level through exploring new opportunities in an attractive sector. The company is focused on managing road and railway concessions and is seeking to expand in OECD countries.

In the words of Juan Bejar Ochoa, CEO of Globalvia, "This agreement with USS completes the process that began two years ago with OPTrust and PGGM. It validates Globalvia's business project and shows confidence in our growth strategy."

USS, PGGM and OPTrust are managing and investing on behalf of leading international pension funds with a long-term investment philosophy. "Pension funds are ideal partners for the infrastructure business because of their long term strategy", said Bejar.

Throughout the process Globalvia has received tax and legal advice from KPMG and Hogan Lovells and financial advice from JP Morgan and Macquarie Capital. The pension funds have received legal advice from Allen & Overy.

(*) Concessions transferred to Globalvia Inversiones are:

• Autopista Central Gallega (Spain)
• Concesiones de Madrid (Spain)
• Ruta de los Pantanos (Spain)
• Madrid 407 (Spain)
• Túnel de Sóller (Spain)
• Metro Barajas (Spain)
• Metros Ligeros de Madrid (Spain)
• Transportes Ferroviarios de Madrid (Spain)
• Metro de Málaga (Spain)
• Túnel d'Envalira (Andorra)
• Auto-Estradas XXI - Transmontana (Portugal)
• Scutvias - Auto-Estradas Da Beira Interior (Portugal)
• M-50 Concession Limited (Ireland)
• N-6 Concession Limited (Ireland)
• Autopista del Aconcagua (Chile)
• Autopista del Itata (Chile)
• Autopistas del Sol (Costa Rica)
• Autovia Necaxa - Tihuatlán (Mexico)

About Globalvia
Globalvia was incorporated in 2007 by FCC and Bankia (formerly Caja Madrid), each holding 50% of the company´s shares. The infrastructure investor and operator is, according to the industry´s prestigious Public Works Financing magazine, the world´s second largest in terms of number of transport assets managed. Today, the company headed by Mr. Juan Béjar operates 30 infrastructure assets in the roads, rail, ports, airports and hospitals sectors, although its main focus in the upcoming years will be roads and rail projects.

At the end of 2011 Globalvia successfully closed its fundraising, which enabled the company to make its PPP asset portfolio grow. The new funding provided by the pension funds will be utilized to acquire mainly brownfield assets, enabling Globalvia to further consolidate itself as a major player in the transport infrastructure arena, continuing to invest in a sector that offers enormous potential. Globalvia will now initiate a new growth phase during which it will focus on acquiring road and rail assets and increasing the geographical diversification of its portfolio in OECD countries.

About USS
Universities Superannuation Scheme was established in 1975 as the principal defined benefit pension scheme for universities and other higher education institutions in the UK. It has over 300,000 scheme members across nearly 400 institutions and is one of the largest pension schemes in the UK, with total fund assets of approximately £40 billion.

The scheme's trustee is Universities Superannuation Scheme Limited, a corporate trustee which provides scheme management and trusteeship from its offices based in Liverpool and London. The trustee company manages virtually all assets in-house via a wholly-owned investment management subsidiary company - USS Investment Management Limited - which provides both investment management and advisory services.

About PGGM
PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. At the end of November 2013 PGGM has EUR 153,5 billion in assets under management. The PGGM cooperative has more than 620,000 members and is helping them to realize a valuable future. Either alone or together with strategic partners, PGGM develops innovative future provisions by linking together pension, care, housing and work.

About OPTrust:
With assets of CDN$15 billion, OPTrust invests and manages one of Canada's largest pension funds, a defined benefit plan with more than 83,000 members and retirees. As the plan administrator, its role is to prudently invest and manage the Plan's assets, ensure that members and retirees receive the pension benefits to which they are entitled, and provide them with the finest service and communications.