Brisbane's troubled Airport Link tunnel to be sold
BrisConnections, the team that won the PPP contract for the Brisbane's Airport Link tunnel in Queensland (Australia), has announced the schedule for its sale.
BrisConnections composed of Macquarie Group, Thiess and John Holland, was announced as the preferred bidder on 19 May 2008, and the final contract was awarded on 2 June 2008. The team aims to launch the sale process in September this year and aims to finish the sale by early 2016.
According to Deed administrator Jamie Harris, Fort Street Advisers and Macquarie Capital will provide advice in the sale process.
The Airport Link tunnel is a toll road in the northern suburbs of Brisbane. It connects the city central business district and the Clem Jones Tunnel to the East-West Arterial Road which leads to the Brisbane Airport. The airport link and busway project involves 15 km of tunnelling including the road, 6.7 km of twin tunnels, busway tunnels and connecting ramps, as well as 25 bridges and result in over 7 km of new road.
The estimated construction cost of the project was A$4.8 billion (US$3.5 billion) and opened to the public on 24 July 2012.
BrisConnections ran into trouble due to the low traffic. In 2014 the traffic was only 47,802 trip/day and 51,577 trip/day by the second quarter of 2015 against the forecast of 135,000 trip/day.
BrisConnections was listed as a unit trust on the Australian Securities Exchange (ASX) via a $1.2 billion initial public offering (IPO) of installment receipts on 31 July 2008. The value of initial A$1 installments fell by 60 % on the first day of trading, and by late November had collapsed to 0.1c, the lowest possible price on the ASX.
Country news
-
-
August 13, 2015
Western Australia appoints Preferred bidder for new schools
The state government of Western Australia has selected EduWest as the preferred bidder for the develop 8 new schools through a public private partnership (PPP) project. Read more -
August 18, 2015
Brookfield Infrastructure announces acquisition of Asciano Limited
Brookfield Infrastructure yesterday announced a binding agreement, together with its institutional partners to acquire the entire issued capital of Asciano Limited, a high quality rail and port logistics company in Australia with an enterprise value of around A$12 billion. Read more -
August 21, 2015
Sydney Airport takes over control of terminal T3
Sydney Airport announced that it has reached a landmark agreement with Qantas to take control of the terminal T3 almost four years ahead of the previous lease term, for A$535 million. Read more -
August 24, 2015
Commercial close for Toowoomba Second Range Crossing PPP
Plenary Group, financial advisor and investor Cintra, investor Acciona Concessions, investor Acciona Infrastructure and Ferrovial Agroman, construction joint venture Transfield Services, operations and maintenance providerNexus will design, construct, finance and operate and maintain the a 41-kilometre new section of toll road, bypassing the city of Toowoomba. The new road will run from the Warrego Highway at Helidon in the east to the Gore Highway at Athol in the west via Charlton. The project is the largest Commonwealth Government commitment to a single regional road project in Queensland history. Read more -
August 31, 2015
AMP Capital and Infrastructure Capital Group win Port Hedland International Airport lease
AMP Capital and Infrastructure Capital Group (ICG) have secured approval from Town of Port Hedland Council (Australia) to take over the 50-year lease of its international airport for A$205 million. Read more
