Autoroutes Paris-Rhin-Rhône (APRR) is Europe's fourth largest motorway group. The APRR Group includes the APRR network, the AREA network and the Maurice Lemaire tunnel.
LENGTH
2,215 kilometres operating and 44 kilometres to be constructed and opened by 2011
NUMBER OF LANES
Number of lanes varies across network
TOLLS
From 1 October 2008 :
Cars: €5.678c per kilometre excluding VAT (APRR) and
€7.6926c per kilometre excluding VAT (AREA)
Trucks: multiple of car toll
TOLL PRICE ESCALATION
Until 2008 :
Cars: 85% CPI (ex Tobacco) + 0.845% (APRR)
80% CPI (ex Tobacco) + 0.11% (AREA)
Once current Contrats D'Entreprise expires toll escalation will be 70% of CPI (ex Tobacco) if no new Contrats D'Entreprise is agreed.
TOLL COLLECTION
Cash, electronic and credit card
CONCESSION END
December 2032
Nature of the asset
The APRR motorway network is located in the heart of Western Europe and serves major business centres, including the Paris–Lyon corridor that links France's two largest metropolitan areas, as well as Northern Europe (the UK, Benelux and Germany), Switzerland and Southern Europe, including Italy and the Iberian peninsula via the Rhône Valley or the Massif Central mountain range. The network also serves as a gateway to Central and Eastern Europe.
It is the fourth largest tolled motorway network in Europe and consists of 2,215 km of operating motorway, with only 44km to be constructed and opened by 2011.
Nature of the investment
APRR was formerly a fully French State owned business. In November 2004 the French State part privatised 29.8% of APRR via a listing on Euronext Paris and in June 2005 the French State announced its intention to sell its remaining 70.2% stake in APRR, as well as its stakes in ASF and SANEF.
In December 2005 the consortium comprising Eiffage SA, MIG and Macquarie European Infrastructure Fund (Eiffarie) was selected by the French Government as the preferred bidder for APRR. In February 2006 the consortium reached financial close on its investment of 74.7% of APRR, including 70.2% acquired from the French Government and 4.5% previously held by Eiffage.
In April 2006 Eiffarie closed its standing offer for the remaining 25.3% of shareholders in APRR. The consortium now holds 81.48% of APRR. MIG has an effective interest of 20.37% in APRR.
