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Due diligence for Strada dei Parchi

Bank consortium headed by Dexia Crediop and Société Générale

Strada Dei Parchi is the Concessionaire of a 285km-long tolled motorway (A24/A25) running west to east across Italy, linking Rome to the Adriatic coast. The Concessionaire appointed Dexia Crediop as Mandated Lead Arranger for the financing of extensions and upgrades to the motorway.

The motorway has been in operation for over 30 years and was given in concession to Strada dei Parchi in 2002.

Our role

Steer Davies Gleave were appointed as technical and traffic advisors to the Mandated Lead Arranger to assist in preparing due diligence on the financing of the motorway's upgrade programme. The value of the project financed through a PPP/PFI scheme is approximately €570m and cover works forthe "Complanari", near Rome, and the extraordinary maintenance of 17 viaducts along the A24/A25.

We have then been confirmed as technical advisor for the monitoring of road works on behalf of the lenders.

How we did it

We assisted the Concessionaire during their negotiation with government in relation to the new legislation that had been approved and which affected all infrastructure concession agreements in Italy. Whilst these negotiations were underway Dexia Crediop and Société Generale - the Bank Agent -  provided a bridging loan to Strada dei Parchi , which was used to fund the first part of the new investment programme on the motorway .

As traffic and technical advisors we supported the Lenders and delivered:

  • A detailed due diligence on traffic and revenues;
  • a technical due diligence report on the design and construction programme and operating/maintenance costs for the entire concession period;
  • a thorough analysis of the relevant agreements and a risk matrix of the entire project, with focus on the contractual framework that had been developed, as well as on the new concession agreement.

Following the financial close, Steer Davies Gleave is assisting Dexia Crediop and Société Générale on monthly review of all statements of works that the Concessionaire is carrying out during the construction period, issuing technical certificates for each drawdown request.  We are also supporting the Bank Agent in the authorization of all construction contracts that SDP award, according to the Financial Agreements.

The monitoring activity is carried out by undertaking site visits to assess construction progress against programme, reviewing the Concessionaire documentation and issuing a quarterly progress report highlighting main areas of risk and deviation against budget.

For enquiries on our Lenders’ Technical Advisory services for any infrastructure project across the globe, please contact our Technical Due Diligence team at

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