IFM Investors, on behalf of the IFM Global Infrastructure Fund (“IFM GIF”), today announced that it has completed the sale of a 10 percent interest in ITR Concession Company LLC (“ITRCC”) to the California Public Employees’ Retirement System (“CalPERS”), and an interest to Allstate.
ITRCC is party to a Concession and Lease Agreement between ITRCC and the Indiana Finance Authority (“IFA”), pursuant to which ITRCC operates and maintains the Indiana Toll Road (“ITR”), a 157-mile, limited access, divided highway in the state of Indiana. The road spans northern Indiana, from its border with Ohio to the Illinois state line near Chicago, feeding directly into two toll roads at the state lines – the Chicago Skyway in the west and the Ohio Turnpike in the east. The Concession and Lease Agreement grants ITRCC the exclusive right to collect toll revenues from the toll road for the next 65 years. IFM GIF continues to hold more than 85 percent of ITRCC.
Julio Garcia, Head of Infrastructure – North America at IFM Investors said: “We are delighted to partner with CalPERS and Allstate as investors in this critical piece of U.S. transportation infrastructure. Since IFM GIF’s acquisition in May 2015, ITRCC has announced the US$200 million 80/90 PUSH Project, a major rehabilitation of a 73 mile segment of the ITR, and has successfully refinanced its acquisition financing. These initiatives are aimed at enhancing the quality of the toll road for users, targeting increased safety, and driving value for investors. IFM GIF represents more than 70 U.S. based pension funds as investors in the ITR.”
Macquarie Capital and Orrick, Herrington & Sutcliffe acted as advisors to IFM Investors for this transaction.