Hochtief sells Chilean toll road stake
03 July 2012
Hochtief has sold its 45.45% stake in Chilean toll road operator Vespucio Norte Express for € 230 million (US$ 288 million). The buyer is a consortium led by asset management company Brookfield and the deal is expected to close by the end of the year.
Hochtief CEO Dr Frank Stieler said, "We have realised the value of an established infrastructure asset in a difficult economic environment. This is a good success and in tune with the corporate strategy: We develop and optimise assets with our know-how and thus increase their value. Afterwards, we use the tied-up capital for new projects."
The 29 km Vespucio Norte Express in Santiago opened in January 2006, and Hochtief says it is one of the busiest roads in the Chilean capital. The company planned, financed and built the link on the basis of a build, operate, transfer (BOT) contract signed in 2001.
The construction project involved expanding an existing road to three lanes each way and building 19 interchanges, along with drainage systems and integrated toll and traffic control systems. This electronic free-flow toll system is used for five highway concessions around Santiago, with a total length of 150 km.