MUMBAI :
KKR, Dice Highways, and Canadian pension funds CPP Investments and CDPQ have proven preliminary curiosity in a bunch of street property placed on sale by Macquarie Asset Administration, which is in search of an enterprise worth of ₹4,200 crore for the roads, two folks conscious of the event stated.
The Australian asset supervisor’s infrastructure funding fund is working with funding financial institution JP Morgan to seek out consumers for these street property, the folks cited above stated.
“The portfolio on sale consists of two roads in south India wholly owned by Macquarie and two which it partially owns. Macquarie is in search of an enterprise worth of round ₹4,200 crore. Preliminary talks are underway,” one of many two folks cited above stated, in search of anonymity because the talks are personal.
“There’s a robust demand for yield-generating property akin to roads from overseas traders. The Indian roads sector is kind of enticing to them on condition that the rules are sound and new constructions akin to infrastructure funding trusts have labored out properly for traders within the roads area. Whereas CPPIB and Dice Highways have arrange giant platforms for proudly owning and working roads, traders akin to KKR and CDPQ have solely not too long ago began constructing out their portfolios and need to purchase good street property in India,” the individual added.
Emails despatched to spokespeople for Macquarie and Dice Highways remained unanswered. KKR, CPP Investments, CDPQ and JP Morgan declined to touch upon Mint’s queries.
This isn’t the primary set of roads that Macquarie desires to monetize. In December, KKR signed an settlement to accumulate 5 toll roads from Ashoka Concessions for ₹1,337 crore, the place Macquarie is a major minority shareholder, to supply an exit to the investor.
Canadian asset supervisor Brookfield Asset Administration, too, is within the means of monetizing its Indian roads portfolio.
Mint reported in January that Brookfield Asset Administration was in talks with three traders to promote Peak Infrastructure, a portfolio of operational street property owned by the Canadian investor, for an enterprise worth of $1.2-1.5 billion.
“Macquarie, whereas new funding alternatives because it raises its third Asia fund, is actively trying to monetize its current investments in India. These embody roads and renewables property,” stated the second individual cited above.
Whereas it continues to judge Indian infrastructure property akin to roads, inexperienced investments will kind a significant a part of its funding thesis going forward, Deep Gupta, managing director, Macquarie Asset Administration, stated in an interview in December.
The corporate can also be eager on areas akin to digital infrastructure, together with knowledge centres, telecom towers and optical fibre infrastructure, Gupta stated in an interview.
Supply: Live Mint