RSSAustralian fund manager IFM Investors, on behalf of IFM Global Infrastructure Fund, has paid US$5.7 billion for the bankrupt Indiana Toll Road Concession, a 253-kilometre highway that runs from the border of Indiana and Ohio towards Chicago, giving it exclusive rights to operate and maintain the road for the next 66 years.
The road, previously jointly owned by802 Macquarie and Spanish infrastructure group 4419 Ferrovial, went into Chapter 11 bankruptcy in September due to poor traffic volumes and was put up for sale.
The road spans northern Indiana, from its border with Ohio to the Illinois state line near Chicago, feeding directly into two toll roads at the state lines – the Chicago Skyway in the west and the Ohio Turnpike in the east.
IFM Investors regards ITRCC as an attractive investment for its infrastructure portfolio. Julio Garcia, head of Infrastructure – North America at IFM Investors said: “We believe this is a unique opportunity to invest in a high quality United States transportation infrastructure asset. IFM Investors views the Indiana Toll Road as an essential operating asset for its strategic geographical position, long concession duration and inflation and GDP-linked tolling regime. ITR is strategically important to the North American transportation network. We are committed to maintaining the asset to a high standard that provides maximum availability and usability for customers.”
The road, previously jointly owned by
The road spans northern Indiana, from its border with Ohio to the Illinois state line near Chicago, feeding directly into two toll roads at the state lines – the Chicago Skyway in the west and the Ohio Turnpike in the east.
IFM Investors regards ITRCC as an attractive investment for its infrastructure portfolio. Julio Garcia, head of Infrastructure – North America at IFM Investors said: “We believe this is a unique opportunity to invest in a high quality United States transportation infrastructure asset. IFM Investors views the Indiana Toll Road as an essential operating asset for its strategic geographical position, long concession duration and inflation and GDP-linked tolling regime. ITR is strategically important to the North American transportation network. We are committed to maintaining the asset to a high standard that provides maximum availability and usability for customers.”
