Woomyunsan Tunnel

 

The first private toll tunnel in the Seoul metropolitan area

Asset overview

Woomyunsan Tunnel is a 3.0 km, dual two-lane toll tunnel under Mount Woomyunsan providing a direct route between the Seoul suburb of Seocho and the satellite cities of Kwachon and Anyang in Gyeonggi province. Construction on the tunnel began in August 1998, and it began operations in January 2004.

Investment details

MKIF has invested in Woomyunsan Infraway Co., Ltd. (“WIC”), the concessionaire of Woomyunsan Tunnel, in the form of equity and subordinated loan. As of the record date, MKIF is a 36.0% shareholder of WIC, and MKIF’s total investment amount is KRW 20.3 billion, which is comprised of equity of KRW 5.3 billion and senior loan of KRW 15.0 billion.

Concession agreement

Concession agreement
Government authority: Seoul Metropolitan City
Concession term: 30 years
Guarantee duration: N/A
Concession term commencement: January 2004
Minimum Guarantee*: N/A
Revenue Cap*: N/A

* As part of the capital restructuring transaction completed in January 2016, the Minimum revenue guarantee provision was removed. Please refer to MKIF disclosure on 14 January 2016

Facilities

Facilities
Length: 3.0 km
Capacity: 4 lanes in both directions