International investors bought into underground metro rail concessions in Barcelona and Malaga, Spain at year-end and became their single largest stakeholders.

U.K.-listed John Laing Infrastructure Fund (JLIF), in its first deal in Spain, acquired from Iridium Concesiones de Infraestructuras an effective 40% stake in Linea 9, Section II of the Barcelona metro. The 32-year concession has 27 years left of operation and includes the underground infrastructure with 15 passenger stations, connecting tunnels, and the supporting track bed. Once completed, Linea 9 will be the longest automated driverless train system in Europe, transporting more than 100 million passengers annually.