APG, NPS and Swiss Life acquire Portuguese toll road operator Brisa

Published on: 28 April 2020

APG, the National Pension Service of Korea (NPS) and Swiss Life Asset Managers have entered into an agreement to acquire an 81.1% majority interests in Brisa, a leading European toll road platform. The sellers value the company at more than €3 billion.

Brisa holds a total of 21 motorways in Portugal with a total length of over 1,500 km. The network covers the fundamental axis of the Portuguese road system, with over 7.5 million customers driving on the roads per year.


Jan-Willem Ruisbroek, Head of Global Infrastructure Investment Strategy at APG: “This investment in Brisa, on behalf of our pension fund client ABP, matches our strategy to deliver stable, long term returns in prime infrastructure assets worldwide. The company benefits from a high quality and well diversified road network and is a key contribution of economic development to Portugal. We now look forward to working with José de Mello and our consortium partners to facilitate the continued delivery of high-quality service for motorists and commuters and continue innovating in the road and mobility services segment.”

APG makes this investment on behalf of its pension fund clients ABP and APG PPF.

Closing of the transaction is subject to approval by the relevant regulators, which should occur during the third quarter of this year.


Read the press release here