Arcus Infrastructure Partners LLP

Asset ManagerMichael Allen


  • Sector transport
  • Vehicle AEIF1
  • Investment Year 2007
  • Status Invested
  • Country Portugal

Key Metrics

  • Ownership 40.6% 1
  • GRESB 2018 3rd out of 40 European transport assets
  • Employees c.2,400
  • Motorways 16
  • Total Network Length c.1,600km


  • Portuguese economy continues to show strong expansionary trend, leading to robust traffic growth
  • Portugal’s road quality is ranked #9 globally2, as a relatively under-developed public transport system favours car usage
  • Relatively low car ownership for EU standards provides for further growth potential in the long term3


  • Core infrastructure asset providing the backbone of Portugal’s road network connecting the main urban centres, the transport links to Spain as well as the tourist destinations in the south
  • High EBITDA margins with strong free cash flow generation
  • Stable and favourable regulatory framework with toll tariffs increasing annually by inflation (upward only)
  • Leader in electronic tolling and payments platform rollout
  • Select investments in strategic growth areas such as mobility services, car sharing platforms and toll road technology services
  • Market leader in vehicle inspections
  • In July 2015, Brisa sold 30% of BCR, Brisa’s main concession
  • In March 2017, Brisa sold 100% of NWP, a Colorado ring road concession

1 Voting and economic interest
2 World Economic Forum GCI 2016
3 428 cars per 1,000 inhabitants vs EU average of 498, ACEA Statistics 2014