Indiana Toll Road

Australia’s IFM Investors has completed the acquisition of ITR Concession Company (ITRCC), which operates the Indiana Toll Road in the US, for A$5.7bn ($4.3bn).

As part of the concession and lease agreement signed in 2006 between ITRCC and the Indiana Finance Authority (IFA), ITRCC will operate and maintain the 157-mile, limited-access, divided highway Indiana Toll Road.

Spanning northern Indiana from its border with Ohio to the Illinois state line near Chicago, the Indiana Toll Road feeds directly into two toll roads at the state lines including the Chicago Skyway and the Ohio Turnpike.

"The Indiana Toll Road will soon undergo a series of improvements designed to enhance the customer experience."

Under the lease agreement, ITRCC has the exclusive right to collect toll revenues through the term of the deal, which has a remaining life of 66 years.

IFM Investors North America head of Infrastructure Julio Garcia said: "IFM Investors’ acquisition of ITR Concession Company is consistent with our stated approach to expanding our North American portfolio of assets where we count over 70 US pension funds as our partners.

"Under our stewardship of this vital asset to the region, the Indiana Toll Road will soon undergo a series of improvements designed to enhance the customer experience."

The investment is the 30th infrastructure asset in IFM Investors’ current portfolio and is its second investment in North American toll road infrastructure this year, and the fourth toll road in IFM’s infrastructure portfolios.

Image: Indiana Toll Road at Kennedy Avenue. Photo: courtesy of Retaildesigner via Wikipedia.