Serena Industrial Partners has strengthened its position in one of its most strategic assets by increasing its stake in Paris–Beauvais Airport. The firm has acquired the 20% stake previously held by Egis in the joint venture that holds the airport concession, in which Bouygues and Serena itself are also shareholders.
Following this transaction, Serena becomes a reference shareholder alongside the French industrial group, reaching a 44.5% stake in the asset, whose concession runs for 30 years from 2024.
To finance the transaction, Serena has launched a new investment vehicle called Serena Bellova, F.C.R.E., a European private equity fund specialised in airport infrastructure. The fund has Inversis as its depositary and Addleshaw Goddard as legal adviser. On an interim basis, management of the vehicle has been entrusted to Alaluz Capital, a management company registered with the CNMV, until Serena Industrial Partners obtains authorisation to act as a management company itself—a process the firm expects to complete over the course of the this financial year.
The financial terms of the transaction have not been disclosed. However, Serena explains that the increase in its stake has been structured through its first fund, Serena Infra SCSp, together with the new Serena Bellova F.C.R.E. vehicle. At the time, the overall plan for the operation, management, maintenance and promotion of the airport was valued at around €4 billion, including the investments required for the development and modernisation of the facilities.
The Paris–Beauvais Airport concession envisages a major transformation of the site to accommodate growing air traffic, including the construction of a new terminal and new take-off and landing runways. The project also incorporates an ambitious decarbonisation strategy aligned with European Union climate objectives, which is expected to avoid nearly 300,000 tonnes of CO₂ in the coming years and achieve carbon neutrality by 2032.
In line with this strategy, Serena Bellova F.C.R.E. promotes environmental and social characteristics in accordance with the European SFDR regulation, including the monitoring of greenhouse gas emissions, energy efficiency, sustainable waste management, airport noise mitigation, and the promotion of local employment and the wellbeing of communities surrounding the airport.
Serena Industrial Partners specialises in essential mid-market infrastructure assets, with a strong industrial focus. The firm has invested around €2 billion in approximately 15 assets, including Aguas de Navarra, the concessionaire for the first phase of the Navarre Canal expansion; the 25 de Abril Bridge in Portugal, the longest suspension bridge in Europe; Lisbon Oriental Hospital; and the A1–A6 motorway in the Netherlands, acquired last October.
In most of its investments, Serena acts as a leading industrial partner alongside major infrastructure groups, actively participating in all phases of project development. Its model is based on generating off-market opportunities with high barriers to entry and on capital optimisation through operational expertise. Its main areas of activity include mobility (railways, airports and roads), environmental infrastructure (water and waste), as well as healthcare and education infrastructure
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