New York, 30 December 2020
Macquarie Infrastructure Partners II (“MIP II”) announced today that it has completed the divestment of its 50% managed equity interest in Elizabeth River Crossings (“ERC”) to a special-purpose vehicle majority owned and controlled by Abertis. ERC’s facilities include the Downtown and Midtown Tunnels and the MLK Freeway extension in the Hampton Roads, Virginia region.
Karl Kuchel, CEO of Macquarie Infrastructure Partners, said: “We are proud of our involvement in the Elizabeth River Tunnels Project over the last eight years. The Project has successfully delivered improved transportation infrastructure to the Hampton Roads region, including major construction upgrades and best-in-class roadway operations. As an infrastructure investor, we look beyond the length of our ownership period and believe the Project is well positioned to continue to provide high quality service to commuters going forward.”
Over the last eight years, ERC has been responsible for roadway operations, traffic incident response and the successful completion of over $1.4 billion of capital expenditure, including the construction of a new Midtown Tunnel and the rehabilitation of three existing tunnels. The company has had a strong safety record, has improved tolling system performance and customer service over time and has also developed successful partnerships with local authorities and community groups.