Macquarie Korea Infrastructure Fund
MKIF
MKIF invests in landmark infrastructure assets of Korea with the objective of providing a long-term, stable income stream for MKIF’s shareholders.
(Record date: 31 December 2020) | Investment amount1 (KRW billion) | |||||
---|---|---|---|---|---|---|
Asset name | Status | Equity | Sub debt | Senior debt | Total | Ownership (%) |
Gwangju 2nd Beltway, Section 1 | Operating | 33.1 | 85.22 | 74.3 | 192.6 | 100.0 |
Gwangju 2nd Beltway, Section 3-1 | Operating | 28.9 | - | - | 28.9 | 75.0 |
Incheon International Airport Expressway | Operating | 23.6 | 51.7 | - | 75.3 | 24.1 |
Woomyunsan Tunnel | Operating | 5.3 | - | 15.0 | 20.3 | 36.0 |
Baekyang Tunnel | Operating | 1.2 | - | 1.1 | 2.3 | 100.0 |
Cheonan-Nonsan Expressway | Operating | 87.8 | 182.3 | - | 270.1 | 60.0 |
Soojungsan Tunnel | Operating | 47.1 | - | - | 47.1 | 100.0 |
Machang Bridge | Operating | 33.8 | 79.0 | - | 112.8 | 70.0 |
Yongin-Seoul Expressway | Operating | 51.5 | 99.6 | - | 151.1 | 43.8 |
Seoul-Chuncheon Highway | Operating | 0.6 | 161.8 | - | 162.4 | 15.8 |
Incheon Grand Bridge | Operating | 54.4 | 241.0 | - | 295.4 | 64.1 |
Busan New Port the 2nd Rear Road | Operating | 41.5 | 69.2 | - | 110.7 | 47.6 |
Busan New Port Phase 2-3 | Operating | 66.4 | 193.0 | - | 259.4 | 30.0 |
Dongbuk Light Rail Transit | Construction | 35.4 | 47.3 | - | 82.7 | 30.0 |
Total | 510.6 | 1,210.1 | 90.4 | 1,811.1 | ||
Percentage (%) | 28.2% | 66.8% | 5.0% | 100% |
Asset | Revenue Guarantee Threshold1 | Revenue Cap Threshold1 | Remarks |
---|---|---|---|
Gwangju 2nd Beltway, Section 1 | Investment cost compensation2 | Target cash flow of the concessionaire guaranteed | |
Gwangju 2nd Beltway, Section 3-1 | 90% | 110% | |
Incheon International Airport Expressway | 80% | 110% | |
Woomyunsan Tunnel | N/A2 | ||
Baekyang Tunnel | 90% | 110% | |
Cheonan-Nonsan Expressway | 82% | 110% | Partial revenue sharing in excess of 82% to 110% level |
Soojungsan Tunnel | 90% | 110% | For toll revenue below 90%, Busan Metropolitan City is obligated to compensate 91.5% of the shortfall amount |
Machang Bridge | 75.78% | 100% | 50:50 revenue sharing with relevant authority in excess of expected revenue at 100% level |
Yongin-Seoul Expressway3 | 70% | 130% | |
Seoul-Chuncheon Highway3 | 60% | 140% | |
Incheon Grand Bridge | 80% | 120% |