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MKIFThe leading infrastructure fund in Korea

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MKIF» MKIF assets» Gwangju 2nd Beltway Section 3-1

MKIF assets

Gwangju 2nd Beltway Section 3-1

The main section of the second beltway of Gwangju City connecting the east and west districts

Nature of the asset
Nature of the investment

Nature of the asset

Gwangju Second Beltway, Section 3-1 is a 3.5 km, dual three-lane expressway with two bridges, two tunnels and one interchange, running east to west along the southern edge of Gwangju, Korea’s fifth largest city. Construction commenced in April 2002 and was completed in November 2004. This is the second private infrastructure section of the Gwangju second beltway, and is directly linked to the Gwangju Second Beltway Section 1, which is operated by KBICL, a wholly-owned concession company.

Nature of the investment

MKIF has invested in Kwangju Ring Road Co., Ltd. (KRRC), the concessionaire of Gwangju Second Beltway, Section 3-1 in the form of equity and senior loans. MKIF is a 75.0 % shareholder of KRRC, and provided senior loans of KRW61.6 billion. MKIF’s total investment in KRRC is KRW90.5 billion.

Concession agreement

Concession agreement
Government authority:	Gwangju Metropolitan City
Concession term:	30 years
Guarantee duration:	30 years
Concession term commencement:	December 2004
Minimum Guarantee:	90% of annual CA projected revenue
Revenue Cap:	110% of annual CA projected revenue

Facilities

Facilities
Length:	3.5 km
Capacity:	Dual three-lane in both directions
Toll rate:	KRW 1,000 - small vehicles

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