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

  • TowerLight moves into the security market
    April 20, 2012
    TowerLight is increasing its presence in the site security market with the launch of the Security Tower. Based on the firm’s four-head LED lighting tower, the machine is equipped with a wireless camera system that can provide secure video of the site in daylight and at night. The tower is currently available on a skid base, with fork pockets and crane hook, but will also be produced on a wheeled chassis.
    Read More
  • Manitowoc increases its dealer service back-up
    January 6, 2017
    Manitowoc Crane Care is expanding its EnCORE dealer programme. Danish company UN Mobilkraner, which has worked with Manitowoc since 1994, now offers certified repair and refurbishment services for Grove mobile cranes in Scandinavia, under the Manitowoc Crane Care brand. To qualify for the program, dealers must invest considerable time in training technical staff, including advanced training for welders to earn the correct certifications for welding structural components on cranes.
    Read More
  • Manitowoc increases its dealer service back-up
    January 28, 2013
    Manitowoc Crane Care is expanding its EnCORE dealer programme. Danish company UN Mobilkraner, which has worked with Manitowoc since 1994, now offers certified repair and refurbishment services for Grove mobile cranes in Scandinavia, under the Manitowoc Crane Care brand. To qualify for the program, dealers must invest considerable time in training technical staff, including advanced training for welders to earn the correct certifications for welding structural components on cranes.
    Read More
  • Hitachi to place “greater emphasis” on local production focus – HCME president
    January 6, 2017
    Moriaki Kadoya, president and chief executive of Hitachi Construction Machinery Europe (HCME), says Hitachi Construction Machinery needs to place “greater emphasis” on establishing local production facilities as it bids to strengthen its market position. A subsidiary of the Hitachi Group, Hitachi Construction Machinery currently has 33 production sites worldwide – with 16, including its flagship production site near Tokyo, in Japan.
    Read More

Highlighted Content