Macquarie Korea Infrastructure Fund
Assets
Baekyang Tunnel is a 2.3 km dual two-lane toll tunnel that runs underneath Baekyang Mountain in Busan, providing a link from the central business district to Busan port and the northwestern residential areas, including Kimhae International Airport. The tunnel is an important part of the major expressway routes connecting Busan port to the northwestern residential regions of Busan, such as Namhae Expressway, Yangsan-Soba Expressway, and New Daegu-Busan Expressway. Construction of the Baekyang Tunnel began in July 1993 and was completed in January 1998. The tunnel began operation in January 2000. The concession right for the Baekyang Tunnel Private Investment Project expired in January 2025, and the Busan Metropolitan Government has been managing and operating the tunnel since the concession expiry.
MKIF invested in Baekyang Tunnel Ltd. (“BYTL Ltd.”), the concessionaire of Baekyang Tunnel. Following the expiration of the concession right for the Baekyang Tunnel Private Investment Project in January 2025, MKIF commenced the liquidation of BYTL Ltd. After distributing all remaining assets to MKIF, BYTL Ltd. completed the registration of its liquidation closure on 26 January 2026, concluding all procedures subsequent to the concession expiry.
| Business overview | |
| Government authority | Busan Metropolitan City |
| Concession term | 25 years |
| Guarantee duration | 25 years |
| Concession term commencement | January 2000 - January 2025 (Expiration of concession) |
| Minimum Guarantee | 90% of annual CA projected revenue |
| Revenue Cap | 110% of annual CA projected revenue |
| Asset overview | |
| Length | 2.3 km |
| Capacity | Dual two-lane in both directions |
