Macquarie Korea Infrastructure Fund

Seoul-Chuncheon Expressway


Seoul-Chuncheon Highway

A direct link between Seoul and Gangwon Province, known as the capital of tourism in Korea.

Asset overview

Seoul-Chuncheon Highway is a 61.4 km, dual two to three-lane toll expressway providing a link between Seoul and Gangwon Province, known as a capital of tourism in Korea. The expressway provides an alternative link between the east part of Seoul and Chuncheon through Kyunggi province, where the regional expressways and highways experience heavy congestion, especially on weekends. Construction began in August 2004, and was successfully completed in July 2009.

Investment details

MKIF has invested in Seoul-Chuncheon Highway Co., Ltd. ("SCH"), the concessionaire of Seoul-Chuncheon Highway. As of the record date, MKIF is a 18.16% shareholder of SCH, and MKIF’s total investment amount is KRW 166.0 billion (equity KRW 4.2 billion and subordinated loan KRW 161.8 billion).

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Concession agreement  
Government authority Ministry of Land, Infrastructure and Transport
Concession term 30 years
Guarantee duration 15 years
Concession term commencement July 2009
Minimum Guarantee 60% of annual CA projected revenue
Revenue Cap 140% of annual CA projected revenue

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

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Length 61.4 km
Capacity Dual two to three-lane in both directions

Asset location