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

  • Delay to SF-Oakland Bay Bridge East Span opening and probe report
    July 9, 2013
    The Toll Bridge Program Oversight Committee (TBPOC) today said that the previously scheduled Labor Day (2 Sep) opening of the new East Span of the San Francisco-Oakland Bay Bridge has been postponed. News of the delayed opening was announced at the same time as TBPOC released its investigative report into the 32 bolts that broke on the Bay Bridge in March 2013, and its review of other bolts on the bridge. The contractor now forecasts that the steel saddle retrofit of the failed bolts on the east pier will b
    Read More
  • Algeria to engage Japanese government over dispute with Cojaal
    January 14, 2015
    The Algerian government is now talking directly to the Japanese government in an effort to resolve a dispute with sacked Japanese highways consortium Cojaal, In 2006, Cojaal won a US$5 billion deal to build the 359km eastern section of Algeria’s proposed 900km East-West Highway within 40 months. Algeria divided the contract into three sections, with the Chinese company Citic-CRCC winning the central and western sections, which in total was to cost around $6 billion.
    Read More
  • US driving distances see continued increase
    September 6, 2017
    New data released by the US Department of Transportation’s (USDOT) Federal Highway Administration (FHWA) shows that US driving topped 2.53 trillion kilometres in the first six months of 2017. This continues a streak of steadily increasing vehicle distances travelled that began in 2011.
    Read More
  • IRF Examiner launched as industry resource to boost efficiency
    May 19, 2014
    Volume 1 highlights life-saving role of new methods and proven technologies around the world Since the IRF’s establishment in 1948, knowledge transfer has been the core of what the IRF does best. As industry tools and procedures evolve to meet societies’ needs, the availability of global knowledge resources is now more important than ever.
    Read More

Highlighted Content