The Dutch infrastructure investor, now part of global manager CVC, has appointed RBC as its advisor for the process, which is expected to formally launch after the summer, according to the sources.

RBC will attempt to sell on behalf of CVC DIF a total of 22 stakes in PPPs across Europe, North America and Australia, according to a teaser codenamed Project Elcano seen by this news service.

Seventeen of the projects are located in Europe, with three in Canada and the US and another two in Australia and they are held via DIF IV, DIF V, DIF VI, CIF I and CIF II funds.

After an initial market sounding process, CVC DIF has decided to press ahead with a sale of the portfolio as a whole, rather than splitting the assets in smaller bundles, sources added.

Some of its European PPP stakes up for sale include a street lighting PPP and a tram project in Belgium, according to the teaser, which does not include details of the specific assets.

CVC DIF is the majority owner of the circa EUR 380m Walloon street lighting PPP as well as the EUR 477m Liege Tram PPP, which both reached financial close in 2019.

The infrastructure manager is also looking to sell two student accommodation PPPs in the UK, which expire in 2065 and 2074.

The portfolio going on the block includes four assets that are not PPPs, the teaser shows: one wagon leasing company and three container leasing businesses, one in Ireland and two in the Netherlands.

Up for grabs are also CVC DIF’s stakes in two French highway PPPs, one of which is 67% owned by the manager. The only project matching this description is the A150 PPP between Rouen and Le Havre, according to Infralogic data.

In Germany, the investor is eyeing the disposal of its 50% stake in a highway PPP and a tunnel, while it owns in the country such stakes in the A6 PPP in Baden-Württemberg as well as the Herrentunnel PPP, according to Infralogic data.

Elsewhere in Europe, CVC DIF is also looking to sell its stakes in two Spanish hospitals, the Toledo University Hospital PPP, in which it owns a 33% stake, and its wholly owned Hospital Infanta Leonor in Madrid.

The sale also includes a few assets outside Europe, including its 68% stake in a digital infrastructure PPP, according to the teaser. CVC DIF owns a 68% stake in the Kentucky Wired P3, involving a 3000-mile network of major fibre lines throughout the state.

Two Australian social infrastructure assets, including a school and an employee accommodation PPP, in which CVC DIF owns 78% and 100% respectively, are also part of the sale, according to the teaser.

For the assets that have a defined maturity date, their weighted average concession life is 31 years, while the majority of the assets up for sale are transport projects, according to the teaser.

CVC DIF has previously sold portfolios of PPP assets, but this would be its largest portfolio sale so far.

In 2021, it sold six PPPs across Germany, Austria and the Netherlands to Equitix, while a year later it sold its stakes in three Irish road PPPs to Semperian PPP Investment Partners.

The last PPP attempted secondary transaction of this scale saw Bouygues putting its stakes in over 30 assets on the block, including projects in the UK and France as well as one in Singapore.

Following several rounds of bidding and lengthy negotiations with infrastructure funds, the process remained inconclusive.

CVC DIF declined to comment, while RBC did not respond to a request for comment.