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You are here:   Macquarie Korea Infrastructure Fund (MKIF) > MKIF's assets > The Incheon International Airport Expressway
nature of the asset

The Incheon International Airport Expressway is a 40.2 km, dual three-to four-lane expressway connecting Yeongjong Island, site of the Incheon International Airport, to Korea’s capital, Seoul. The Incheon International Airport Expressway is Korea’s first operational private infrastructure asset under the PPI Act. Construction began in December 1995 and was completed in December 2000. The Incheon International Airport Expressway includes two major bridges, the 4.4km Yeongjong Grand Bridge and the 2.56 km Banghwa Grand Bridge, as well as the 630 metre Gaehwa tunnel.
nature of the investment

MKIF has invested into New Airport Hiway Co., Ltd. (NAHC), the concessionaire of Incheon International Airport Expressway, in the form of equity and subordinated loans. MKIF is a 24.1% shareholder of NAHC, and has committed to provide a subordinated loan of KRW51.7 billion. MKIF’s total investment in NAHC is KRW109.9 billion.

facilities
Length: 40.2 km
Capacity: 6-8 lanes in both directions
Toll rate: KRW 7,400 - Small vehicles
concession agreement
Government authority: Ministry of Land, Transport and Maritime Affairs
Concession term: 30 years (23 years remaining)
Guarantee duration: 20 years
Concession term commencement: December 2000
Minimum Guarantee*: 80% of annual CA projected revenue
Revenue Cap*: 110% of annual CA projected revenue
* Partial revenue sharing in excess of 80% to 110% level
   

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