For asset snapshots please click on the location or asset name
*As at 30 June 2008. Asset and country split by value %. MIG’s stakes in the assets range from 20.4% to 100% and are direct and indirect.
Asset description
- 108km open access, all electronic toll road spanning the greater Toronto area with 41 interchanges
- Opened: June 1997 (tolling began in October 1997) and leased to the private sector in 1999
- Concession period: 99 years, ends 2098
- MIG’s interest: 30.0%
- Value: A$3,295.0 million.
Year in review
Results
- Traffic: 5.0% increase on pcp*
- Revenue: 13.2% increase on pcp
Other
- In September 2007 the two-year project to add 100km of new lanes between Highways 401 and 404 was completed, three months ahead of schedule
- Segmental tolling was implemented on 1 February 2008 during peak hours on the busiest section of the 407 ETR. Regular zone peak toll rates increased by 9.4%, while light zone peak toll rates increased by 8.0%. Off-peak toll rates across all sections of 407 ETR increased by 7.1%.
* Growth in total vehicle kilometres travelled.
Asset description
- 22km toll road in Loudoun County, northern Virginia, part of road corridor connecting Leesburg and other suburban communities with Washington DC
- Opened: September 1995, MIG invested in September 2005
- Concession period: 61 years, ends 2056
- MIG’s interest: 50.0%
- Value: A$397.5 million.
Year in review
Results
- Traffic: 5.2% decrease on pcp
- Revenue: 6.5% increase on pcp
Other
- A toll increase of approximately 11% was implemented on 1 July 2007
- In September 2007 toll increases through the end of 2012 were approved by the Virginia State Corporation Commission
- In October 2007 heavy vehicle (three or more axles) tolls were revised from double the two-axle vehicle toll regime to a per-axle toll regime
- In April 2008 legislative amendments permitted tolls to increase from 2013 through 2020 at the higher of (i) CPI + 1%, (ii) Real GDP, or (iii) 2.8% per annum, and included a mechanism to allow higher toll increases should property taxes increase at a faster rate than tolls.
Asset description
- 12.5km majority elevated toll road in Chicago, Illinois, connecting the Dan Ryan Expressway to the Indiana Toll Road and providing an important link to downtown Chicago and surrounding communities
- Opened: 1959 and leased to the private sector in January 2005
- Concession period: 99 years, ends 2104
- MIG’s interest: 22.5%
- Value: A$235.7 million.
Year in review
Results
- Traffic: 7.1% decrease on pcp
- Revenue: 3.3% increase on pcp
Other
- Capital improvement works were completed in October 2007. The works program consisted of nine bridge upgrades, four miles of roadway repavement and the reconfiguration of toll plaza lanes to improve traffic flow
- Light vehicle tolls increased from US$2.50 to US$3.00 per trip and heavy vehicle tolls increased approximately 50% in January 2008
- ETC was implemented on all toll plaza lanes in May 2008.
Asset description
- 253km limited access, divided toll road spanning northern Indiana, connecting to Chicago Skyway in the west and Ohio Turnpike in the east. The westernmost 37km operates on a barrier tolling system and acts primarily as a commuter link to Chicago and the surrounding area. The eastern section operates on a ticket tolling system and is primarily an interurban road
- Opened: 1956 and leased to the private sector in June 2006
- Concession period: 75 years, ends 2081
- MIG’s interest: 25.0%
- Value: A$344.4 million.
Year in review
Results
- Traffic: 8.3% decrease on pcp*
- Revenue: 6.6% increase on pcp
Other
- ETC was implemented on the full length of the road in April 2008
- ITR light and heavy tolls increased in April 2008. Light vehicle tolls for the full length of the toll road rose to US$8.00 from US$4.65. However, this increase is only paid by cash users, as light vehicles with registered transponders will continue to pay the existing rate of US$4.65 in nominal terms until 2016, with the Indiana Finance Authority reimbursing ITR for the toll differential.
* Change in total traffic transactions.
San Diego, US
South Bay Expressway
Asset description
- 14km fully electronic toll road in the southern region of San Diego, California, providing an important link in San Diego’s freeway network. SBX extends from SR54 in Spring Valley to Otay Mesa Road/SR905 near the international border with Mexico
- Opened: November 2007
- Concession period: 35 years, ends 2042
- MIG’s interest: 50.0%
- Value: A$132.9 million.
Year in review
Results
- Traffic: 26,118 average daily traffic for the 5.5 months since commencement of full tolling
- Revenue: US$58,536 average daily revenue over the same period
Other
- SBX opened to traffic on 19 November with a phased toll-free period until 13 January 2008
- SBX was MIG’s first investment in the US in 2002, the first public-private transportation partnership in California since 1995 and the first private toll road to receive a loan from the US Department of Transportation under the Transportation Infrastructure Finance and Innovation Act of 1998 (TIFIA) program.
Asset description
- 40km fully electronic toll road in the west of Sydney linking the M5 at Prestons in the south, the M4 at Eastern Creek in the west and the M2 at Baulkham Hills in the north. It forms a major part of Sydney’s 110km orbital network
- Opened: December 2005
- Concession period: 34 years, ends 2037
- MIG’s interest: 47.5%*
- Value: A$802.1 million.
Year in review
Results
- Traffic: 12.2% increase on pcp
- Revenue: 16.4% increase on pcp
Other
- In December 2007 the credit rating of Westlink M7’s senior debt facility was upgraded from BBB- to BBB by Fitch
- Westlink M7’s ramp-up reserve was released six months ahead of schedule in December 2007, resulting in a A$41.5 million distribution to MIG
- On 28 August 2008 MIG completed the acquisition of a further 2.5% interest in Westlink M7, announced on 14 August 2008
- On 21 August 2008 MIG announced its intention to sell its interest in Westlink M7.
*As at 30 June 2008. MIG increased its stake to 50.0% on 28 August 2008.
Eastern France
Autoroutes Paris-Rhin-Rhône (APRR)
Asset description
- APRR is the concessionaire of a 2,215km motorway network located in the east of France
- APRR is a listed company on the Euronext and consists of three separate concessions: APRR, Autoroutes Rhône-Alpes (AREA) and the Maurice Lemaire Tunnel – together, the APRR Group
- APRR is the second largest motorway network in France and the fourth largest in Europe
- The concession has a further 44km of motorways to be constructed and opened by 2011
- Concession period: 27 years from privatisation, ends December 2032
- MIG’s interest: 20.4%*
- Value: A$982.2 million.
Year in review
Results
- Traffic: 2.1% increase on pcp
- Revenue: 5.9% increase on pcp
Other
- APRR raised €500 million of bank debt in August 2007 to assist with its capital expenditure and debt refinancing needs
- The annual toll increase was applied in October 2007, with tolls, linked to CPI, rising by an average of 0.92% on the APRR network and 0.75% on the AREA network.
* MIG’s interest in APRR is held through Macquarie Autoroutes de France SA (MAF), a company owned 50% plus one share by MIG and 50% less one share by Macquarie European Infrastructure Fund (MEIF). MIG’s interest in MAF is subject to put and call options granted in favour of MEIF. These options include provisions that enable MEIF to sell its interest in MAF to MIG, or purchase MIG’s interest in MAF at fair market value in the event that a Macquarie Group entity ceases to be the manager of MAF. In addition, Eiffage SA has a call option over MAF’s shares in Financière Eiffarie, exercisable at fair value in the event that a Macquarie Group entity ceases to be the manager of MAF.
Lisbon, Portugal
25th April Bridge
Vasco da Gama Bridge
Asset description
- Two toll bridges over the Tagus River in Lisbon, Portugal. The concession required the building of the Vasco da Gama Bridge and allowed collection of tolls on this and the existing 25th April Bridge
- Opened: Vasco da Gama Bridge opened in March 1998, 25th April Bridge opened in 1966
- Concession period: 35 years, ends 2030
- MIG’s interest: 30.6%
- Value: A$187.6 million.
Year in review
Results
- Traffic: 0.2% increase on pcp
- Revenue: 6.0% increase on pcp
Other
- Location of the new Lisbon airport was confirmed in January 2008 to be south of the Tagus River, in Alcochete. The new airport is planned to open in 2017. According to several expert opinions, the new airport could generate more than 20,000 new crossings over the two toll bridges in its opening year
- Location of a third crossing was confirmed in January 2008 to be Chelas-Barreiro. The crossing will serve the high speed rail link between Lisbon and Madrid. The potential introduction of a road component is to be negotiated between the Portuguese Government and Lusoponte.
Asset description
- 42km motorway which bypasses Birmingham and connects to the existing M6 at both ends
- Opened: December 2003
- Concession period: 53 years, ends 2054
- MIG’s interest: 100.0%
- Value: A$2,188.3 million.
Year in review
Results
- Traffic: 11.7% decrease on pcp
- Revenue: 0.2% decrease on pcp
Other
- A revised tolling structure became effective on 1 January 2008. The car toll at the mainline plaza was increased by 12.5% from £4.00 to £4.50. Truck tolls were also increased by 12.5% to £9.00
- The M42 improvement works were completed on 30 June 2008. The project was delivered under budget and has successfully relieved congestion at the point where the M6 Toll merges with the M42.
Asset description
- 4km toll road and tunnel under the Warnow River in the northern German city of Rostock
- Opened: September 2003
- Concession period: 50 years, ends 2053
- MIG’s interest: 70.0%
- Value: A$1.7 million.
Year in review
Results
- Traffic: 1.4% increase on pcp
- Revenue: 6.5% increase on pcp
Other
- New tolls were implemented in March 2008, with an approximately 10% toll increase in a number of key categories
- A customer satisfaction survey was carried out from November 2007 to January 2008 and findings show that the satisfaction level is above 80%
- The asset company was awarded the ‘Employer 2008’ – one of the 100 best employers for small and medium sized businesses in Germany.