Hogan Lovells Advises Leading Global Investors on $70 Million Equity Investment in Africa Railways

LONDON, 15 September 2011 - Hogan Lovells has advised German development finance institution DEG, Dutch development bank FMO, FISEA, a vehicle dedicated to investment in Sub-Saharan Africa owned by France's Agence Française de Développement and managed by its subsidiary PROPARCO, the International Finance Corporation (part of the World Bank) and IFC African, Latin American and Caribbean Fund, LP, the private equity fund managed by the IFC Asset Management Company, LLC on their US$70 million equity investment into Africa Railways Limited. The transaction was announced on Sunday 11 September 2011.

Africa Railways Limited operates the Rift Valley Railway line. This equity investment, together with the $164m debt finance that has been arranged with a consortium of banks and development finance institutions, will be used to redevelop and modernise the 2,352 kilometers of track linking the Indian Ocean port of Mombasa in Kenya to the interiors of Kenya, through Nairobi, to the capital city of Kampala in Uganda.

The Hogan Lovells team advising on the transaction was led by corporate partner Guy Potel, assisted by senior associate Roderick Lai, and associates Daniel Harrington-Greenwood and Heba Soliman.

Commenting on the deal, Guy said:

"We are pleased to have been able to advise these important investors on their substantial contribution to this significant railway project; upgrading a piece of transport infrastructure that is among the most crucial to East Africa’s further economic development."


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