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: 30 June 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 74.3 192.6 100%
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 28.3 254.4 - 282.7 100%
Bomun Clean Energy Ltd. Operating 7.6 68.5 - 76.1 100%
Total   546.5 1,533.0 90.4 2,169.9  
Percentage (%)   25.2% 70.6% 4.2% 100%  
  1. Based on MKIF’s investment amounts (including investment commitments in Dongbuk LRT Co., Ltd., Youngsan Clean Energy Ltd. and Bomun Clean Energy Ltd.)
  2. Includes KRW 3.2bn working capital facility and KRW 50bn new shareholder loan.

Government support payment provisions1

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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%  
  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.
  4. No revenue guarantee applies if actual revenue is below 50% of the annual concession agreement projected revenue.