Metropistas picks up 10-year toll road extension in Puerto Rico

Metropistas has been granted a 10-year extension to its PR5 and PR22 toll road concessions in Puerto Rico, up to 20161.

Metropistas, a subsidiary of Spanish operator 5729 Abertis, signed the agreement with the Puerto Rico Highways and Transportation Authority. The agreement entails payment of $115 million to the Authority and a redistribution of the company's future revenue.

PR22 is the 83km San Juan-Arecibo highway and PR5 is the 4km urban San Juan-Bayamon highway.

Autopistas Metropolitanas de Puerto Rico is owned by investment bank 3347 Goldman Sachs Infrastructure Parthers and Abertis. Goldman Sachs was initially majority owner while Abertis initially served as minority partner and main highway operator.

They landed the public-private partnership contract, worth $1.4 billion, in 2011. In February 2013 Abertis acquired 6% of Goldman Sach's equity, elevating its position to majority owner with 51% ownership. Since taking over, the two highways have undergone a $56 million facelift.

Metropistas also has a concession to operate the 3km Teodoro Moscoso Bridge, across the San José Lagoon, inking Rio Piedras in San Juan to Isla Verde Carolina. It acts as an extension of PR17, also known as the Jesus T. Piñero Expressway, connecting with the Román Baldorioty de Castro Expressway – the PR26.

Abertis is also negotiating similar concession extension agreements for several of its assets in Chile and Argentina.