Macquarie Korea Infrastructure Fund
MKIF
MKIF invests in landmark infrastructure businesses in Korea with the objective of providing a long-term, stable income stream to MKIF’s shareholders.
| (Record Date: 31 December 2021) | Investment amount1 (KRW billion) | |||||
|---|---|---|---|---|---|---|
| Asset name | Status | Equity | Subordinated debt | Senior debt | Total | Shareholding (%) |
| Baekyang Tunnel Ltd. | Operating | 1.2 | - | 1.1 | 2.3 | 100% |
| Kwangju Beltway Investment Co., Ltd. | Operating | 33.1 | 85.22 | 61.3 | 179.6 | 100% |
| New Airport Hiway Co., Ltd. | Operating | 23.6 | 51.7 | - | 75.3 | 24.1% |
| Soojungsan Investment Co., Ltd. | Operating | 47.1 | - | - | 47.1 | 100% |
| Cheonan Nonsan Expressway Co., Ltd. | Operating | 87.8 | 182.3 | - | 270.1 | 60% |
| Woomyunsan Infraway Co,. Ltd. | Operating | 5.3 | - | 15.0 | 20.3 | 36% |
| Kwangju Ring Road Company Ltd. | Operating | 28.9 | - | - | 28.9 | 75% |
| MCB Co. Ltd. | Operating | 33.8 | 79.0 | - | 112.8 | 70% |
| Gyeongsu Highway Co., Ltd. | Operating | 51.5 | 99.6 | - | 151.1 | 43.75% |
| Seoul-Chuncheon Highway Co., Ltd. | Operating | 0.6 | 161.8 | - | 162.4 | 15.83% |
| Incheon Bridge Co. Ltd. | Operating | 54.4 | 241.0 | - | 295.4 | 64.05% |
| Busan New Port the 2nd Rear Road Co., Ltd. | Operating | 41.5 | 69.2 | - | 110.7 | 47.56% |
| BNCT Co., Ltd. | Operating | 66.4 | 193.0 | - | 259.4 | 30% |
| Dongbuk Urban Railway Co., Ltd. | Construction | 35.4 | 47.3 | - | 82.7 | 30% |
| Youngsan Clean Energy Ltd. | Operating | 32.3 | 290.2 | - | 322.5 | 100% |
| Bomun Clean Energy Ltd. | Operating | 8.7 | 78.4 | - | 87.1 | 100% |
| Total | 551.6 | 1,578.7 | 77.4 | 2,207.7 | ||
| Percentage (%) | 25.0% | 71.5% | 3.5% | 100% | ||
| Asset | Revenue Guarantee Threshold2 | Revenue Cap Threshold2,3 | Remarks |
|---|---|---|---|
| Baekyang Tunnel | 90% | 110% | |
| Gwangju 2nd Beltway, Section 1 | Investment cost compensation | Competent authority provides agreed cashflow to concessionaire to guarantee MKIF investment return | |
| Soojungsan Tunnel | 90% | 110% | For toll revenue below 90%, Busan Metropolitan City is obligated to compensate 91.5% of the shortfall amount |
| Cheonan-Nonsan Expressway | 82% | 110% | Partial revenue sharing in excess of 82% to 110% level |
| Gwangju 2nd Beltway, Section 3-1 | 90% | 110% | |
| Machang Bridge | 75.78% | 100% | Revenue guarantee applies to MCB amount 50:50 revenue sharing with competent authority in excess of 100% |
| Seoul-Chuncheon Highway4 | 60% | 140% | |
| Incheon Grand Bridge | 80% | 120% | |