Odinsa Inks Huge Highway-Concessions Alliance with Macquarie
Medellin-based highway/airport concessionaire Odinsa – a division of cement, electric-power and concessions conglomerate Grupo Argos – announced this morning (September 2) a strategic alliance with Australia-based global infrastructure giant Macquarie Infrastructure and Real Assets (MIRA) and its affiliate Macquarie Infrastructure Partners-V (MIP-V).
According to Odinsa, the new alliance “will create an investment platform for road assets in Colombia and the region.”
Under the deal, Macquarie and Odinsa will create a private equity fund that will assume control of Odinsa’s highway concessions in Colombia and also jointly develop new projects.
“The investment platform would manage Odinsa’s current highway assets in Colombia, including Concesión La Pintada S.A.S., Concesión Túnel Aburrá Oriente S.A., Autopistas del Café S.A. and Concesión Vial de los Llanos S.A.S., with a consolidated valuation close to COP$4.3 trillion [US$1.14 billion],” according to Odinsa.
The new platform also would manage Odinsa’s private highway initiatives in Colombia including the “IP Perimetral de la Sabana” and the “IP Conexion Centro” projects, as well as the planned expansion of the existing “Túnel Aburrá Oriente” highway tunnel that connects Medellin to the JMC International Airport in Rionegro.
That group of Odinsa’s assets and future expansions would enjoy “significant financial backing and technical strength for their management” from the new investment platform, while the partners also would “continue to explore other opportunities for creating value through the development of new projects,” according to Odinsa.
“As a consequence of the acceptance of the proposal, the companies signed a contract for the sale of shares and assets that contemplates the operations for the constitution of the investment platform,” according to Odinsa.
Macquarie Asset Management (MAM) – the corporate owner of MIRA and MIP-V – currently has US$427 billion in assets under management in 20 markets across Asia, Europe, Australia and the Americas, in sectors including infrastructure, renewables, real estate, agriculture, transportation finance, private credit, equities and fixed income, according to the company.
“The interest shown by national and international investors in being part of this initiative translates into good news for Grupo Empresarial Argos” while also confirming “the interest of international investors in continuing to invest in Colombia,” Odinsa added.