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 2019) | Investment amount1 (KRW billion) | |||||
|---|---|---|---|---|---|---|
| Asset name | Status | Equity | Sub debt | Senior debt | Total | Ownership (%) |
| Gwangju 2nd Beltway, Section 1 | Operating | 33.1 | 85.22 | 87.3 | 205.6 | 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 | - | 1.2 | 2.4 | 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 | 43.75 |
| Seoul-Chuncheon Highway | Operating | 0.6 | 161.7 | - | 162.3 | 15.83 |
| Incheon Grand Bridge | Operating | 54.4 | 241.0 | - | 295.4 | 64.05 |
| 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 | 469.1 | 1,140.9 | 103.5 | 1,713.4 | ||
| Percentage (%) | 27.4% | 66.6% | 6.0% | 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% | |