Germany's first PPP Infrastructure Project Opens - Warnow Tunnel

09 September 2003

ROSTOCK - The German Federal Minister for Transport, Building and Housing, Dr Manfred Stolpe, today opened Germany's first Public Private Partnership (PPP) infrastructure project, the Warnow Tunnel in the City of Rostock.

Speaking at the official opening ceremony, Dr Stolpe said "The Warnow Tunnel is very important project for Germany as the country seeks alternative ways in which to finance transportation developments. This is a pioneering feat has been accomplished today which I'm sure will be replicated in other parts of Germany."

Mr. Steve Allen, CEO of Macquarie Infrastructure Group (MIG) said, "After almost 10 years in the planning, local motorists and visitors to Rostock will now enjoy much more convenient and faster journeys around the region". MIG, a €3.8b infrastructure investment fund, is the majority shareholder in the Warnow Tunnel.

"We want to congratulate the German Government and the City of Rostock on the initiative which delivers this community asset today. This is the first toll road in Germany and, in common with many other countries, we are sure that it will demonstrate that private sector development, maintenance and operation of infrastructure offers real benefits for the community, often earlier than governments could provide them," Mr Allen said.

MIG owns 70% of Warnowquerung GmbH & Co. KG (WQG), the concession company awarded the contract to develop, operate and maintain the €223.6 million tunnel project.

The Warnow Tunnel comprises 4km (2.5 mile) of road including an 800m tunnel beneath the Warnow River, that will be operated with tolls. In addition to providing much needed urban congestion relief and improved access to Rostock port, the project forms part of the road network linking Hamburg to Berlin and Poland.

Macquarie Corporate Finance (Frankfurt) acted as financial adviser to WQG. Advised by Macquarie, WQG worked with the Ministry of Transportation to develop the framework and respective procedures for the toll ordinance process, the first of its kind in Germany.

Notes to editors
Both MIG and Macquarie Corporate Finance (Frankfurt) are part of the Macquarie Bank Group, a specialist provider of investment, advisory and financial services in select markets around the world, with 5000 people in 18 countries. Macquarie has been active in Germany since 1989 and has offices in Frankfurt and Munich. The Macquarie Bank Group is a global leader in infrastructure acquisition, funding and management, with over €9 billion in infrastructure assets under management. The Warnow Tunnel is one of 26 toll roads in eight countries that comprise the MIG portfolio.

For further information please contact:

Alison Jefferis
Corporate Communications
Macquarie Bank
Tel: +44 (0)20 7065 2335
Mob: +44 (0)79 1938 2958

Andrew Waterworth
Financial Dynamics
Tel: +44 (0)20 7269 7127
Mob: +44 (0) 7771 740484