Macquarie International Infrastructure Fund Limited (MIIF) has reached financial close on the sale of its interest in Hua Nan Expressway (HNE) in Guangdong, China.

Specifically, MIIF has reached financial close on the sale of its 90 % interest in South China Highway Development (H.K.) Ltd, which in turn holds a 90 per cent interest in Hua Nan Expressway, to Topwise Consultants Limited, an existing shareholder of HNE.

The sale consideration amounts to S$110 million (US$78.5 million).

Hua Nan Expressway is a fully operational 31-kilometre dual-carriageway urban toll road comprising six to eight lanes that through the centre of Guangzhou.

The deal was negotiated on an arm's length commercial basis and follows an extensive sales process undertaken by MIIF, with the advice of Citigroup Global Markets Asia Limited.

The divestment is in line with the strategy to maximise returns to shareholders announced by the MIIF Board in December 2012 and endorsed by shareholders in March 2013. The pursuit of this strategy has resulted in the successful divestments of MIIF's interests in Taiwan Broadband Communications, Changshu Xinghua Port and Miaoli Wind, and the distribution of proceeds from these divestments to Shareholders.

The MIIF Board engaged KPMG Corporate Finance Pte Ltd to act as an independent financial advisor to opine on the fairness and reasonableness of the transaction.