| News Release | August 31, 2001 |
The South Africa Infrastructure Fund managed by Australia's largest investment bank, Macquarie Bank, and Old Mutual Asset Managers has taken a significant stake in a new (R3 billion) $750 million toll road project in Pretoria, South Africa's first electronically tolled road.
Gavin Kerr, Managing Director of Southern African Infrastructure Fund Managers, says the South Africa Infrastructure Fund has acquired 25 percent of Bakwena Platinum Corridor Concessionaire (BPCC). BPCC has a 30 year concession to toll the highway running on the N1 north from Pretoria to Warmbaths and on the N4 west from north of Pretoria to the Botswana border.
Gavin Kerr said approximately 80km of new road will be constructed as well as a substantial upgrading of the existing highways which totals some 300 kilometres. Construction is expected to take four years to complete, and by injecting $750 million (R3 billion) into the South African economy, it will provide significant new employment in the region.
Kerr said motorists will benefit by much improved road facilities including better access to and around Pretoria. The project will incorporate the installation of the first electronic toll collection system in Africa. In addition, safety will be considerably improved as ongoing maintenance will be undertaken to a standard in line with world's best practice.
In addition to the South Africa Infrastructure Fund, other major investors in the project are Spanish construction company, Dragados, Spanish development agency, Cofides, Murray and Roberts, WBHO, Concor, Real Africa Holdings, the Public Investment Commissioners, OMAM's Ideas Fund and the Royal Bafokeng Nation.
This is the third privately funded highway project in which the South Africa Infrastructure Fund has invested. The others are the 500 kilometre N4 Maputo Corridor and the 400 kilometre N3 Johannesburg to Durban highways. Investors in the South Africa Infrastructure Fund are Standard Bank, African Development Bank, the IDEAS Fund via Old Mutual, Futuregrowth, Liberty, Metropolitan Life, Public Investment Commissioners, Transnet Pension Fund and a number of other prominent funds.
For more information, please contact:
| Gavin Kerr, Managing Director, SAIF | (021) 683-9242 |
| Matthew Russell, Macquarie Public Relations | 612 8232 4102 |
| 0410 699 532 |
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