NEW YORK--(BUSINESS WIRE)--Macquarie Infrastructure Partners II (“MIP II”) announced today that it has completed the divestment of its 50% managed equity interest in Elizabeth River Crossings (“ERC”) to a special-purpose vehicle majority owned and controlled by Abertis. ERC’s facilities include the Downtown and Midtown Tunnels and the MLK Freeway extension in the Hampton Roads, Virginia region.
Karl Kuchel, CEO of Macquarie Infrastructure Partners, said: “We are proud of our involvement in the Elizabeth River Tunnels Project over the last eight years. The Project has successfully delivered improved transportation infrastructure to the Hampton Roads region, including major construction upgrades and best-in-class roadway operations. As an infrastructure investor, we look beyond the length of our ownership period and believe the Project is well positioned to continue to provide high quality service to commuters going forward.”
Over the last eight years, ERC has been responsible for roadway operations, traffic incident response and the successful completion of over $1.4 billion of capital expenditure, including the construction of a new Midtown Tunnel and the rehabilitation of three existing tunnels. The company has had a strong safety record, has improved tolling system performance and customer service over time and has also developed successful partnerships with local authorities and community groups.
About Macquarie Infrastructure and Real Assets
Macquarie Infrastructure and Real Assets (MIRA) is one of the world’s leading alternative asset managers. For more than 25 years, MIRA has partnered with investors, governments and communities to manage, develop and enhance assets relied on by more than 100 million people each day. At 30 September 2020, MIRA managed approximately $US146 billion in assets that are essential to the sustainable development of economies and communities, including; 147 portfolio businesses, approximately 500 real estate properties and 4.8 million hectares of farmland.
MIRA is a part of Macquarie Asset Management, the asset management arm of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 16,356 people in 31 markets. At 30 September 2020, Macquarie had assets under management of $US398.4 billion. For further information, visit www.mirafunds.com.
None of the entities referred to in this press release is an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity.