Macquarie Korea Infrastructure Fund

MKIF

Investment portfolio

MKIF invests in landmark infrastructure businesses in Korea with the objective of providing a long-term, stable income stream to MKIF’s shareholders.

Investment portfolio

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(Record Date: 31 December 2024)Investment Amount1 (KRW billion)
Project CompanyStatusEquitySubordinated debtSenior debtTotalShareholding (%)
Baekyang Tunnel Ltd.Operating1.2-1.02.2100%
Kwangju Beltway Investment Co., Ltd.Operating33.179.02-112.1100%
New Airport Hiway Co., Ltd.Operating23.651.7-75.324.1%
Soojungsan Investment Co., Ltd.Operating47.1--47.1100%
Cheonan Nonsan Expressway Co., Ltd.Operating87.8164.0-251.860%
Woomyunsan Infraway Co,. Ltd.Operating5.3-15.020.336%
Kwangju Ring Road Company Ltd.Operating28.9--28.975%
MCB Co. Ltd.Operating33.879.0-112.870%
Gyeongsu Highway Co., Ltd.Operating51.599.6-151.143.75%
Seoul-Chuncheon Highway Co., Ltd.Operating4.2161.8-166.018.16%
Incheon Bridge Co. Ltd.Operating54.4241.0-295.464.05%
Busan New Port the 2nd Rear Road Co., Ltd.Operating41.569.2-110.747.56%
Incheon-Gimpo Expressway Co., Ltd.Operating43.784.3-128.022.76%
BNCT Co., Ltd.Operating66.4193.0-259.430%
Dongbuk Urban Railway Co., Ltd.Construction35.447.3-82.730%
Youngsan Clean Energy Ltd.Operating32.3290.2-322.5100%
Bomun Clean Energy Ltd.Operating8.778.4-87.1100%
CNCITY Energy Co., Ltd.Operating183.2--183.248%
East Seoul Underpass Co., Ltd.Construction100.0114.8-214.840%
Green Digital Infra Co., Ltd.Operating23.0400.0-423.0100%
Total 905.12,153.316.03,074.4 
Percentage (%) 29.5%70.0%0.5%100% 
  1. Based on MKIF’s investment amounts; assumes full investment of committed amounts
  2. Includes KRW 3.2bn working capital facility and KRW 50bn mezz shareholder loan

Government support payment provisions1

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AssetRevenue Guarantee Threshold2Revenue Cap Threshold2,3Remarks
Baekyang Tunnel90%110% 
Gwangju 2nd Beltway, Section 1Investment cost compensationCompetent authority provides agreed cashflow to concessionaire to guarantee MKIF investment return
Soojungsan Tunnel90%110%For toll revenue below 90%, Busan Metropolitan City is obligated to compensate 91.5% of the shortfall amount
Gwangju 2nd Beltway, Section 3-190%110% 
Machang Bridge75.78%100%Revenue guarantee applies to MCB amount
50:50 revenue sharing with competent authority in excess of 100%
  1. For the government support payment provisions that are effective as at the record date
  2. % of annual concession agreement projected revenue
  3. Relevant government authorities are entitled to receive the portion exceeding the threshold