BrisConnections puts its AirportlinkM7 toll road up for sale

Bankrupt Australian highway management firm BrisConnections is selling its 6.7km AirportlinkM7 toll road in Brisbane three years after the highway opened, according to a report by the Financial Review. Macquarie Capital and Fort Street are acting as financial advisers and PBB Advisory is the receiver. Transurban, which paid A$7.05 billion for Brisbane's five other toll roads last year, is seen as the likeliest buyer, with indicative bidding starting early this month for closure of a deal early next year, ac
September 1, 2015 Read time: 2 mins

Bankrupt Australian highway management firm 2641 BrisConnections is selling its 6.7km AirportlinkM7 toll road in Brisbane three years after the highway opened, according to a report by the Financial Review.

2378 Macquarie Capital and Fort Street are acting as financial advisers and PBB Advisory is the receiver. 891 Transurban, which paid A$7.05 billion for Brisbane's five other toll roads last year, is seen as the likeliest buyer, with indicative bidding starting early this month for closure of a deal early next year, according to the Review’s report.

BrisConnect, which went into receivership February 2013 with A$3 billion in debt, suffered when the number of toll-paying users for the Airport Link were less than half the predicted numbers.

Last April the Review reported that BrisConnections’s largest lender, Macquarie Group, did a volte face and gave the nod to auctioning off the road. Macquarie owns just over one-third of BrisConnections’s A$3.6 billion debt. Other lenders include ANZ Banking Group, Belgium's KBC, United Overseas Bank and UniCredit Group.

Other toll road owners and operators that could be interested include IFM Investors, Spain's Abertis Infraestructuras and Hastings Funds Management, the Review reported.

World Highways published a full review of the design and construction of the controversial asset in April 2013 and is viewable by %$Linker: 2 Internal <?xml version="1.0" encoding="utf-16"?><dictionary /> 2 12655 0 oLinkExternal clicking here Click here view Airport engineering success false /sections/key-projects/features/brisbanes-new-airport-link-is-an-engineering-success/ false false%>.

Finance & Funding

For more information on companies in this article

Related Content

  • IronPlanet forms strategic alliance with Mascus
    January 24, 2014
    IronPlanet, a leading online marketplace for used heavy equipment, has a new strategic alliance including a small minority investment with Mascus, an online marketplace for construction equipment, transport vehicles and trucks and agricultural, forestry, and material handling equipment.
    Read More
  • Oregon’s electric vehicles cruise the West Coast Electric Highway
    December 3, 2014
    Many US states offer cash-back deals and tax breaks to encourage people to buy more electric vehicles. But Oregon has shunned financial incentives and opted to drive up EV sales through increasing the number of recharging stations.
    Read More
  • Seoul, city of contemplation and the 25th World Road Congress
    March 18, 2015
    It’s been a decade since South Korea’s capital city Seoul took the bold step of replacing a major urban throughway with a park, complete with a river, to create the Cheonggyecheon Walkway. Now, Seoul is getting ready to host the 25th World Road Congress from November 2-5. The event is being produced in cooperation with the Ministry of Land, Infrastructure and Transport of the Republic of Korea, the Korea Expressway Corporation, the Korea Road & Transportation Association and the PIARC Korean National Commit
    Read More
  • High court drama expected at Highways UK event, NEC, Birmingham
    November 7, 2016
    What happens when a highways services employee is prosecuted for failing to follow established safety procedures? How would a courtroom drama unfold for the accused and the employer?
    Read More

Highlighted Content