27 04 2016

Lancashire Pension Fund acquires 12.5% of Madrileña Red de Gas

Cuatrecasas, Gonçalves Pereira advises Lancashire Pension Fund on the deal


Lancashire County Pension Fund (“LCPF”) is pleased to announce that, on March 15th, 2016, it acquired a 12.5% equity stake in Madrileña Red de Gas (“MRG”), a gas distribution company in the Madrid region, owned by a consortium formed by EDF Invest, Gingko Tree Investment Ltd. and Dutch pension fund manager PGGM. Through this acquisition LCPF becomes a shareholder in MRG, one of the top 3 gas distribution companies in Spain. The acquisition also confirms the execution of the fund’s direct investment strategy in the search for reliable long term income yields to match its long term liabilities. LCPF is administered by Lancashire County Council and, with assets under management of GBP 5.8 billion at 31 December 2015, is one of the largest funds in the Local Government Pension Scheme in the United Kingdom. In July 2015, LCPF announced a strategic partnership with London Pension Fund Authority to pool their assets into a single investment vehicle exceeding GBP 10 billion. LCPF has been advised by Santander Corporate & Investment Banking (France) as exclusive financial adviser and Cuatrecasas, Gonçalves Pereira (Madrid) as legal adviser for this transaction. Cuatrecasas, Gonçalves Pereira advised LCPF with a team including Federico Roig (Picture), Luis Pérez de Ayala, Rebeca Rodríguez and associates Pedro López-Dóriga, Guillermo Ruiz, and Marta López. Involved fees earner: Federico Roig - Cuatrecasas Gonçalves Pereira; Pedro López-Dóriga - Cuatrecasas Gonçalves Pereira; Guillermo Ruiz - Cuatrecasas Gonçalves Pereira; Luis Pérez de Ayala - Cuatrecasas Gonçalves Pereira; Rebeca Rodríguez - Cuatrecasas Gonçalves Pereira; Marta Lopez Tamayo - Cuatrecasas Gonçalves Pereira;

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