Macquarie Atlas Roads has agreed to take full ownership of the Dulles Greenway in Virginia, exercising its pre-emptive right and buying out the remaining 50 percent of the 22km toll road from Macquarie Infrastructure Partners for $445 million.
Peter Trent, MQA’s chief executive, said the deal will allow the Australian firm greater control over key business decisions and align the needs of owners and users.
“The acquisition will consolidate ownership to 100 percent in a core portfolio asset, lengthen MQA’s overall portfolio duration and improve our income diversification through greater exposure to a strong growth region within the US economy,” Trent added.
The deal, announced Thursday, will be funded by a combination of equity, asset financing and corporate cash, MQA said.
Opened in 1995, the toll road connects Leesburg, the seat of Loudoun County, and Washington Dulles International Airport, offering commuters a quicker trip than alternative routes. Tolls on the road are $5.35 during rush hour and $4.40 at other times.
The Dulles Greenway saw just over 53,000 cars on an average day last year, a 4.3 percent increase on 2015. It generated $91.7 million in revenue, up 7.8 percent. The concession runs until 2056.
Other assets fully or partially owned by MQA include the APRR motorway in France, the Warnow Tunnel in Germany and the M6 Toll in the UK.