Clifford Chance guides Japan’s Daiwa in Ireland motorway deal


Clifford Chance advises Daiwa Energy and Infrastructure, a subsidiary of Japan’s Daiwa Securities Group, on the acquisition as part of an investor consortium of 100% of Celtic Roads Group (Waterford).

Celtic Roads operates the N25 Waterford Bypass direct toll road, which is a public-private partnership project in Ireland.

Clifford Chance’s Tokyo-based partner Natsuko Sugihara led the transaction, with assistance from counsel Masafumi Shikakura and Tobias Nogami Kamerling in Düsseldorf on the M&A aspects. The Luxembourg office, comprising senior partner Christian Kremer, senior adviser Lauren Harris and counsel Maxime Budzin, supported the team.

Sugihara said the transaction represented Daiwa’s first investment in the transportation infrastructure sector and a strategic expansion of its portfolio in Europe.

“Infrastructure investments that form the foundation for sustainable development will continue to be a priority for Japanese investors, who are traditionally some of the biggest and most active infrastructure investors in the world,” said Sugihara.

The N25 Waterford Bypass links and relieves congestion in the rapidly expanding region of Southeast Ireland. The 23km road network provides access to commercial ports on the eastern and southern seaboard and improves accessibility to the Waterford Airport. It was originally built by Celtic Roads Group and completed in 2009 under a public-private partnership scheme.

The consortium acquired the debt and equity linked to the N25 Waterford bypass for almost GBP100 million (USD123.25 million). A London-based investment firm, Real Assets Investment Management, led the deal in partnership with the IST3 Investment Foundation, which is backed by Swiss pension funds.