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

  • It’s been a great comeback says JCB as North American sales surge 140% since 2010
    January 6, 2017
    JCB chief executive Graeme Macdonald says the UK manufacturer’s 140% sales rise in North America since 2010 has been a “great comeback story”. “North America has been on a rollercoaster ride,” Macdonald said during JCB’s Conexpo 2014 press conference in Las Vegas this week.
    Read More
  • It’s been a great comeback says JCB as North American sales surge 140% since 2010
    March 4, 2014
    JCB chief executive Graeme Macdonald says the UK manufacturer’s 140% sales rise in North America since 2010 has been a “great comeback story”. “North America has been on a rollercoaster ride,” Macdonald said during JCB’s Conexpo 2014 press conference in Las Vegas this week.
    Read More
  • World Bank finances Uzbekistan road development
    July 7, 2015
    The World Bank will grant Uzbekistan a US$200 million loan for 25 years, including a grace period of five years. The funds will go towards the $240 million Regional Roads Development project that is scheduled to be completed by 2021, according to UzDaily.uz. Uzbekistan’s government also reported that around 117km roads were built in the first half of this year.
    Read More
  • Caterpillar loads up a golf course and takes it for a spin
    July 13, 2015
    Caterpillar’s recent advertising campaign lends new meaning to the term ‘driving range’. The construction equipment manufacturer loaded several heavy mining and dump trucks with soil and created a moving golf course, complete with greens and even a small waterfall. The company then had two golfers attempt to hit the “greens” as the trucks, including a 928 wheel load, drove around within driving distance of the professionals. Click here to see not just how well the golfers did underneath a clear blu
    Read More

Highlighted Content