Macquarie Korea Infrastructure Fund

Assets

Incheon-Gimpo Expressway

Part of the western section of the 2nd Seoul Beltway, connecting Jung-gu in Incheon Metropolitan City and Gimpo City in Gyeonggi Province

Asset overview

Incheon-Gimpo Expressway is a dual two to three-lane, 28.9km long expressway connecting Jung-gu in Incheon Metropolitan City and Gimpo City in Gyeonggi Province in South Korea. As part of the western section of the 2nd Seoul Beltway, Incheon-Gimpo Expressway provides reduction in travel distance and time to drivers who commute vertically between Incheon Metropolitan City and Gimpo City. Furthermore, through its connected roads (Seoul-Incheon Expressway and Incheon International Airport Expressway), IGEX also offers a competitive transportation means to people who travel horizontally across the western part of Seoul Metropolitan Area. Construction began in March 2012 and was completed in March 2017.


Investment details

MKIF committed to acquire 22.8% of equity interest and 22.8% of subordinated loan interest in Incheon-Gimpo Expressway Co., Ltd. (“IGEX”) in March 2022. Excluding the conditional junior subordinated loan commitment, the total committed amount is KRW 115.6 billion, which is comprised of equity interest (KRW 36.9 billion) and subordinated loan (KRW 78.7 billion). The first drawdown of KRW 100.6 billion was made on 16 March 2022 to acquire 8.9% of equity interest and 22.8% of subordinated loan interest in the Concessionaire. After the drawdown of the remaining committed amount is completed, MKIF is expected to become a 22.8% shareholder of IGEX.

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Concession agreement  
Government authority Ministry of Land, Infrastructure and Transport
Concession term 30 years
Concession term commencement March 2017
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Facilities  
Length 28.9 km
Capacity Dual two to three-lane

Asset location