Queensland's 70km tollroad system sold for $7 billion
IN a financial win for Queensland Investment Corporation, the state's 70km tollroad system has been sold for more than twice the pricetag it settled for in 2011.
The fronting running consortium comprising Transurban, subsidary of the Abu Dhabi Investment Authority Tawreed Investments Limited, and Australian Super pulled off the Queensland Motorways sale with a $7.057 billion bid.
The sale well exceeded expectations of market watchers who expected the sale to fetch between $6 billion and $6.5 billion.
That more than doubled what the QIC paid when the Labor government transferred the asset in May 2011 to QIC's investment arm. It then carried a $2.9 billion debt.
When QIC took over management, QML included just the Gateway and Logan motorways. It now manages a 70 km toll network, which includes the Gateway, Gateway Extension and Logan Motorways, the Go-Between Bridge, CLEM7 tunnel and the Legacy Way, which is due to open next year.
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