InforCapital
M&A Transaction•

IFM Acquires 75% of Air Rail to Expand Spanish Infrastructure Hold - InforCapital

IFM buys 75% of Air Rail, Spain’s top GSE lessor, advancing its €10B infrastructure strategy with sustainable airport investments.

AM
Alvaro de la Maza

Partner at Aninver

Key Takeaways

  • Sector: Transport Infrastructure & Services (traditional).
  • Geography: Spain.

Analysis

IFM Investors has agreed to acquire a 75% stake in Air Rail, the largest airport ground support equipment (“GSE”) lessor in Spain and Portugal. Founder José Manuel García Prieto retains the remaining 25% shareholding. The deal is expected to close later in 2025, subject to customary approvals.

Air Rail operates a fleet of more than 4,000 GSE units, including boarding stairs, pushback tractors, and baggage carts, with approximately 70% of the fleet fully electric. The company serves customers at over 50 European airports and employs more than 120 workers from its Madrid headquarters.

This acquisition supports IFM’s strategy of investing in essential infrastructure and builds on its existing presence in Spain, where it holds significant stakes in companies such as Naturgy, Aqualia, and Aleatica. Over the past seven years, IFM has deployed more than €10 billion in Spanish infrastructure investments.

Air Rail’s focus on sustainable airport operations aligns with IFM’s broader investment themes, including ESG standards and decarbonisation. IFM’s infrastructure platform extends across airports, toll roads, utilities, and digital infrastructure across Europe and globally.

Other Major IFM Infrastructure Deals in Europe (2025)

This acquisition follows a wave of significant European infrastructure investments by IFM in 2025:

  • Green Group AG: IFM’s Global Infrastructure Fund agreed to acquire 100% of Swiss data centre operator Green from InfraVia, expanding digital infrastructure exposure in Europe :contentReference[oaicite:0]{index=0}.
  • 50Hertz Transmission GmbH: IFM maintains its stake (via Eurogrid GmbH) in the German power transmission operator providing ~10,200 km of grid infrastructure in eastern Germany :contentReference[oaicite:1]{index=1}.

Earlier this year, IFM released its ‘Infrastructure Horizons 2025’ report, highlighting structural growth opportunities in areas such as AI data centres, renewable energy, sustainable aviation fuel, and renewable natural gas. The firm emphasizes convergence between energy and digital infrastructure as a key theme for future investment :contentReference[oaicite:2]{index=2}.

Headquartered in Melbourne, Australia, IFM is a pension‑fund-owned global asset manager with over €130.5 billion AUM as of June 2025. It operates across 13 offices worldwide, including across Europe, North America, Asia, and Australia, investing in infrastructure equity, debt, private equity, real estate, and listed equities :contentReference[oaicite:3]{index=3}.