PATRIZIA’s European Infrastructure Fund II surpasses EUR 800 million in committed investments with double fibre deal in Spain

  • PATRIZIA Infrastructure invests in Cádiz-based Wifi Sancti Petri and Airwifi, two mid-market broadband and fibre network operators with a combined 25,000+ existing customers
  • With the acquisitions, PATRIZIA Infrastructure launches a new “Fibre-to-the-Home” (FTTH) platform aiming to deliver high-speed broadband across rural Spain
  • The investments have been made through PATRIZIA’s European Infrastructure Fund II (EIFII), which surpasses EUR 800 million in committed investments and co-investments with these latest deals
  • PATRIZIA will leverage its experience managing fibre operators in the USA, where it is an investor in SiFi Networks and its FiberCity® FTTH programme


Monday 20 March 2023. PATRIZIA, a leading partner for global real assets, has strengthened its European digital infrastructure footprint with the acquisitions of two Spanish broadband and fibre operators through its flagship European Infrastructure Fund II (EIFII or ‘the Fund’). With the closing of the investments, PATRIZIA Infrastructure launches a new ‘Fibre-to-the-Home’ (FTTH) platform in Spain, which aims to deliver high-speed broadband to the country’s most rural areas.

The Fund has invested in two mid-market operators in Spain’s local telecoms sector. Both located in the southern province of Cadiz, Wifi Sancti Petri’sFTTH network can reach 60,000 homes, while Airwifi can connect 22,000 homes to its FTTH network. The two companies own their fibre networks and provide both broadband and mobile services, which have the potential to serve a total population over 110,000 people across neighbouring municipalities.

The two deals are the the sixth platform investment for EIFII, taking the Fund’s committed investments and co-investments to over EUR 800 million. They also mark the first deals in Spain for the EIF fund series, diversifying its geographies and strengthening it’s digital footprint, which includes UK-based broadband operator Connexin.

Matteo Andreoletti, Head of Infrastructure Equity, Europe and North America, at PATRIZIA said: “The huge demands to digitalise and smarten up our cities across the world is accelerating by the day, yet the smaller towns and villages have a vital role to play in this transition. With these strategic investments, we have entered Spain’s EUR 1.5 billion local telecoms market, which provides a hugely exciting opportunity to generate value and attractive returns for our investors by consolidating a highly fragmented market. We will leverage all of our experience in growing mid-market digital infrastructure companies to scale our new FTTH platform into an integral player in Spain’s local broadband market.”

Wifi Sancti Petri and Airwifi are the first two companies in Localcom, a newly-launched FTTH platform from PATRIZIA Infrastructure. The new platform seeks to bring high-speed, reliable broadband services to villages and towns across Spain, enhancing the quality of life for residents and narrowing the digital divide between the country’s urban and rural areas. PATRIZIA Infrastructure will identify a pipeline of additional operators to acquire for the platform, which will be overseen by two managers who have a combined 50 years of experience in the Spanish telecoms sector.

PATRIZIA Infrastructure will deploy an active asset management strategy to drive the growth of the platform into a EUR 60 million local broadband player. It will work closely with the operators to integrate their existing business models and identify key synergies across each company, including around network architecture, facilities, customer service, and sales and marketing.  

Eduardo de Roda, PATRIZIA Country Head for Spain, said: “Enhancing digital infrastructure right across Spain has strong government backing, as broadband connectivity in the country’s most rural areas is a key objective for both the Spanish and European governments. With these strategic deals, we are excited to expand our infrastructure footprint in Spain and continue the growth of our EUR 2 billion real assets portfolio here.”

PATRIZIA has a strong track-record investing in digital infrastructure and smart city solutions through its dedicated Smart Cities Infrastructure Fund (SCIF). SCIF is an investor in US-based SiFi Networks and earlier this year surpassed EUR 600 million in committed investments for SiFi’s FiberCity® network projects across America, as well as smart streetlighting infrastructure in Italy.

PATRIZIA was advised on the transaction by NAE on the technical and commercial due diligence, KPMG on legal, financial, tax and M&A of the targets, and Watson Farley & Williams on the platform legal documentation.


PATRIZIA: A leading partner for global real assets

With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 39 years. PATRIZIA manages more than EUR 59 billion in assets and employs over 1,000 professionals at 28 locations worldwide. Through its PATRIZIA Foundation, PATRIZIA is committed to social responsibility. The Foundation has helped around 250,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 24 years. You can find further information at


Martin Praum                                                 
Head of Investor Relations & Group Reporting
Phone: +49 69 643505-1114