Vinci has announced a strategic partnership with Colombian construction and real estate company Constructora Conconcreto.
The two contractors said they were joining forces to focus on major infrastructure projects in Colombia, and the agreement will see Vinci take a 20% stake in Constructora Conconcreto through newly issued shares. This will increase the Colombian company’s capital base.
According to Vinci Constructora Conconcreto is Colombia’s second-largest construction and property development group, with revenues of € 320 million (US$ 350 million) in 2014 and 4,800 employees.
Vinci chairman & CEO Xavier Huillard said, “This agreement is a further illustration of the Vinci Group’s expansion strategy in countries with high growth potential. Vinci is very proud to be associated with, and to bring its expertise to, an acknowledged leader in the Colombian construction and property development sector. This partnership will enable the Group to take part in and support Colombia’s ambitious infrastructure development programme.”
The company added that its ambition was to establish a long-term presence in Colombia, citing consistent GDP growth in excess of +4% per year, and construction growth expected to hit 5% in the coming years.