MEAG, the asset manager of Munich Re Group, announces the successful financial close of a long-term financing for Meridiam Glasfaser B, a Fibre-to-the-Home (FTTH) platform sponsored by Meridiam and developed in partnership with Vodafone in Germany. MEAG acted as adviser to Munich Re entities and other institutional investors in their capacity as sole lenders in the transaction.
The financing will support the construction and operation of FTTH networks across eight rural and suburban regions in Germany. Once completed, the project is expected to pass approximately 80,600 homes, delivering gigabit-capable digital infrastructure to currently underserved communities.
Structured as a 30-year fully amortising financing, the transaction provides long-term funding tailored to the economic life of the underlying infrastructure assets. Such long-duration financing remains relatively uncommon in the German fibre market and demonstrates the important role institutional investors can play in supporting the rollout of essential digital infrastructure.
Meridiam Glasfaser B follows an open-access wholesale model under which Meridiam owns the passive fibre infrastructure while Vodafone acts as anchor tenant and commercial partner under a long-term wholesale agreement. The project contributes to reducing the digital divide and supports Germany’s continued digital transformation.
The transaction marks the third FTTH financing completed jointly by Meridiam and MEAG investors in Germany, following the successful financings of Meridiam Glasfaser A and Glasfaser Montabaur. Together, the three financings support the rollout of fibre infrastructure to approximately 200,000 homes passed, reflecting the strong strategic partnership between Meridiam and MEAG as well as their shared commitment to accelerating fibre deployment across Germany.
Isil Tanriverdi Versmissen, Head of Illiquid Assets Debt Transaction at MEAG, said:
“We are delighted to further strengthen our partnership with Meridiam through this third fibre financing in Germany. Digital infrastructure is an increasingly important component of modern economies and societies. By supporting the rollout of high-quality fibre networks, we are helping to provide reliable gigabit connectivity to households and businesses while providing our investors access to long-dated infrastructure cash flows with attractive downside protection.”
Michael Kittle, Head of Illiquid Assets Debt at MEAG, said:
“Meridiam Glasfaser B builds on the strong foundations established by our previous transactions together. This transaction demonstrates the attractive investment opportunities available in digital infrastructure when supported by strong contractual arrangements and experienced counterparties. The combination of long-term revenue visibility, a fully amortising financing structure and a resilient operating model creates a compelling risk-return profile for our investors while supporting the continued rollout of fibre infrastructure in Germany.”
The investment expands MEAG’s digital infrastructure portfolio, which includes investments in fibre broadband, data centres, mobile towers and satellites. Digital infrastructure remains a key investment focus for MEAG, supported by the long-term growth in data consumption and connectivity demand.
MEAG investors provide financing for further rollout of Meridiam’s fibre build-out in Germany
MEAG, the asset manager of Munich Re Group, announces the successful financial close of a long-term financing for Meridiam Glasfaser B, a Fibre-to-the-Home (FTTH) platform sponsored by Meridiam and developed in partnership with Vodafone in Germany. MEAG acted as adviser to Munich Re entities and other institutional investors in their capacity as sole lenders in the transaction.
The financing will support the construction and operation of FTTH networks across eight rural and suburban regions in Germany. Once completed, the project is expected to pass approximately 80,600 homes, delivering gigabit-capable digital infrastructure to currently underserved communities.
Structured as a 30-year fully amortising financing, the transaction provides long-term funding tailored to the economic life of the underlying infrastructure assets. Such long-duration financing remains relatively uncommon in the German fibre market and demonstrates the important role institutional investors can play in supporting the rollout of essential digital infrastructure.
Meridiam Glasfaser B follows an open-access wholesale model under which Meridiam owns the passive fibre infrastructure while Vodafone acts as anchor tenant and commercial partner under a long-term wholesale agreement. The project contributes to reducing the digital divide and supports Germany’s continued digital transformation.
The transaction marks the third FTTH financing completed jointly by Meridiam and MEAG investors in Germany, following the successful financings of Meridiam Glasfaser A and Glasfaser Montabaur. Together, the three financings support the rollout of fibre infrastructure to approximately 200,000 homes passed, reflecting the strong strategic partnership between Meridiam and MEAG as well as their shared commitment to accelerating fibre deployment across Germany.
Isil Tanriverdi Versmissen, Head of Illiquid Assets Debt Transaction at MEAG, said:
“We are delighted to further strengthen our partnership with Meridiam through this third fibre financing in Germany. Digital infrastructure is an increasingly important component of modern economies and societies. By supporting the rollout of high-quality fibre networks, we are helping to provide reliable gigabit connectivity to households and businesses while providing our investors access to long-dated infrastructure cash flows with attractive downside protection.”
Michael Kittle, Head of Illiquid Assets Debt at MEAG, said:
“Meridiam Glasfaser B builds on the strong foundations established by our previous transactions together. This transaction demonstrates the attractive investment opportunities available in digital infrastructure when supported by strong contractual arrangements and experienced counterparties. The combination of long-term revenue visibility, a fully amortising financing structure and a resilient operating model creates a compelling risk-return profile for our investors while supporting the continued rollout of fibre infrastructure in Germany.”
The investment further expands MEAG’s digital infrastructure portfolio, which encompasses investments across fibre broadband, data centres, towers and satellites. Digital infrastructure remains a key investment focus area for MEAG, supported by long-term growth in data consumption and connectivity demand.
