Macquarie Korea Infrastructure Fund

Yongin-Seoul Expressway

Assets

Yongin-Seoul Expressway

An alternative route, alleviating traffic congestion in Suwon to Seoul section of the Seoul-Busan Highway.

Asset overview

The Yongin-Seoul Expressway is a 22.9 km, dual two to three-lane tolled expressway consisting of six bridges, 10 tunnels and seven interchanges connecting Youngduck-ri, Yongin City to Segok-dong in Seoul. Yongin-Seoul Expressway eases traffic congestion problem in Suwon-Seoul section of the Seoul-Busan Highway, one of the most heavily travelled expressway. Construction began in October 2005 and was successfully completed on time in June 2009.


Investment details

MKIF has invested in Gyungsu Highway Co., Ltd. (“Gyungsu”), the concessionaire of Yongin-Seoul Expressway. As of the record date, MKIF is a 43.75% shareholder of Gyungsu, and MKIF’s total investment amount is KRW 151.1 billion (equity KRW 51.5 billion and subordinated loan KRW 99.6 billion).

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Concession agreement  
Government authority Ministry of Land, Infrastructure and Transport
Concession term 30 years
Guarantee duration 10 years
Concession term commencement July 2009
Minimum Guarantee 70% of annual CA projected revenue
Revenue Cap 130% 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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Facilities  
Length 22.9 km
Capacity Dual two to three-lane in both directions

Asset location