Serena Industrial Partners and RiverRock acquire a portfolio of four operational educational PPP projects in France, emphasizing energy efficiency with Eiffage as the industrial partner.

Target Information

The transaction involves the acquisition of a portfolio comprising four operational public-private partnership (PPP) projects located in France's educational sector. This portfolio is characterized by stringent energy efficiency targets, with Eiffage designated as the industrial partner. The buying consortium is formed by Serena Industrial Partners, an infrastructure asset manager, and RiverRock, a pan-European asset management firm specializing in alternative investments. The asset acquisition will be executed through the Serena Infra SCSp fund managed by Serena, while RiverRock will contribute through a co-managed vehicle, set to be established shortly.

The acquired assets include Demeter's majority equity stakes in the special purpose companies: Eifficol 1 and Eifficol 3, which are engaged in the PPP contracts for the design, building, financing, operation, and maintenance of eight middle schools in the Seine Saint-Denis department. Additionally, Eiffly 54 supports the establishment of the Jarny high school under a PPP framework, catering to a student body of 1,300, while Eiffigreen works on the GreEn-ER University project in Grenoble, accommodating 1,800 users. Collectively, these projects encompass over 29,000 square meters of operational space.

Industry Overview in France

France's public-private partnership sector has gained momentum, particularly in recent years, due to the increasing demand for robust educational infrastructure and sustainable energy practices. The French government has actively promoted the development of PPPs as a strategic a