Macquarie (Aussie Corp) to buy U.S. toll road (in Virginia)

[UpInArms]

http://edition.cnn.com/2005/BUSINESS/08/29/australia.macquarie.reut/

SYDNEY, Australia (Reuters) -- Macquarie Infrastructure Group, which has interests in 12 motorways worldwide, said on Tuesday it planned to invest $533 million in the Dulles Greenway operating toll road in the United States to boost revenues.

MIG, managed by Australian investment bank Macquarie Bank, targets toll roads in OECD countries because they provide predictable cash flows and high operating margins.

MIG said it planned to undertake an equity capital raising of about Aust. $675 million ($508 million) via an institutional placement of stapled securities to finance the investment in Dulles Greenway, which is owned by Trip II, a limited partnership.

MIG said it would provide loans against and hold options over 86.7 percent of Trip II and was in advanced negotiations with Kellogg Brown & Root to acquire the remaining 13.3 percent.

The Dulles Greenway is a 14-mile (22-kilometer) extension of the Dulles Toll Road and runs from Dulles Airport to just south of Leesburg, Virginia.

...more...

How large is that "America For Sale" sign?

[Joebert]

1. Great googily moogily.

How much money must they make a year to spend half a billion dollars to buy 14 miles of asphalt?

Woof.

And, yes, we've sold off anything that wasn't nailed down, so now we have to sell the stuff stuck to the ground.

[underthedome]

2. A corporation can buy a public road and charge the pubic to use it?

Is that what's goign on here?

[wli]

3. Welcome to Amerikkka. n/t