Allianz buys €162m project bond to finance Marseilles motorway
Allianz Global Investors this week closed a €162m financing for the construction of a motorway in Marseilles. Bankers claimed it was the first project in France which would be financed by an institutional investor in its construction phase.
Crédit Agricole and Société Générale arranged the 30 year debt financing, in which Allianz is the sole investor. The money goes to a project company, Société de la Rocade L2 de Marseille, which is building the second stage of the L2 bypass motorway under a public-private partnership.
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